Small Business, Farm & Startup Tax Forum

Business & farm

Quick Links for Self-employed & Gig Workers!

Having a business is both exciting and rewarding! But it can be confusing if you don’t know what it means for your tax returns. Whether you’re starting off and plan to conquer the world with your new business, have a side gig for a little extra cash,... read more

Does Turbo Tax Desktop 2023 support Form 5472

I need to file For 5472 for a business alongwith Form 1120. I do not see Turbo Tax supporting this form 5472. What other options do we have? Thanks.

Selling Investment Property in an Estate

I have an investment property that was sold in an Estate which had a private mortgage payoff. I have included the sales expenses but it says not to put mortgage payoffs in this category. How do I include the payoff to reduce the capital gain? Any hel... read more

I am stuck on state taxes because I need to have proof of things from my landlord, which I don’t have. How do I get out of this?

For the Homestead Credit, which I don’t want if I need to provide this info

Determining Step-Up Basis for Rental Home that has sold

My mother who died in June 2023 owned a rental home that recently sold. It seems natural to compute the step-up basis value (i.e., the value of the home at the time of my mom’s death) as the gross sale price less the cost of improvements that the est... read more

Filing first return for LLC taxed as S-Corp....turbo tax defaulting to 1120 instead of 1120S

I have a new LLC that I have elected S Corp status. (confirmed with IRS) I have other S Corps but never run into this particular issue. Have entered all the Business info and 2023 income.... expense numbers ...no problem there. I did not import from ... read more

How can i get the depreciation form

Am a partner in an Scorp that does not make profit but have income.I receive no money myself,yet I still get K1's.can I leave this partnership and stop having to pay K1s?

QBID Trust deduction

In a simple testamentary trust, the trustee is also a beneficiary. The trustee rents and farms the land. Rent is below Fair market rent. Would this be considered a self rental. All beneficiaries and trustees are related.Would the Trust qualify for a ... read more

How do I enter a section 751 statement?

I am trying to claim my stimulus payments from 2020 how do I do that what forms need to be filled out please help me

I received the last payment the one that was for the 1400 from 2021 but how do I do the 2 from 2020

Form 8990

I am trying to figure out what to enter on form 8990. I have a K-1 with line 13 K of 75 dollars. Everything I have been able to find does not explain how to fill this out. I had a K-1 from last year and did not fill this out. I am an individual taxpa... read more

How to Reflect 80% Accelerated Depreciation Rental Property

Hello There, Please how do I enter the 80% bonus depreciation in Turbotax for a property that I placed in service in 2023? I have my cost segregation study, and I need to reflect the 80% rate for 2023.