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Investors and rental owners
In most cases, no, the cost of tax software is not a deductible expense.
BUT, there are a couple of exceptions:
- If you’re self-employed or earned rental income, accounting and tax prep software expenses are considered eligible business/rental deductions.
- Commission employees may claim accounting fees and the cost of tax prep software as employment expenses. As with other employment expenses, have your employer complete and sign a Form T2200, Declaration of Conditions of Employment.
April 30, 2024
7:41 AM