Investors & Landlords Tax Forum Q&A

Investors & landlords

Form 8812 bringing in wrong number on line 13.....from Credit Limit Worksheet A. Where can I see this worksheet?

My refund was adjusted due to Turbotax not calculating the Child Tax credit properly.....basically the number on Line 13 of Form 8812 was incorrect, and this number comes from the Credit Limit Worksheet A. Has anyone else had this issue?

Sold some stock as a nonresident in California. What do I do with Schedule D (540) that was generated?

I worked in CA for 10 days in 2023. During the year, I also sold some stock (which was not affiliated with CA sources). I do not understand why TurboTax Desktop 2023 generated a Schedule D (540). On the form itself, it says "Do not complete this sche... read more

vacation rental

I rented part of primary house as short term rental for 2 years and then stopped renting for more than 2 years. Do I still need to recapture depreciation when I sell? Thanks.

Sale of rental property using TR Business, where to enter

Capital Gains Tax on Home Sale After Quit Claim

My mother and I bought a house for $200k in 2012. I lived in the house by myself until 2018 when my mother got sick and she moved in with me. Also in 2018, I ran into some financial troubles and quit claimed my portion of the house to her. In 2022, w... read more

Cash out refi of primary or loan on rental property

Im buying a vacation rental and wondering which affords the better mortgage interest tax deduction. Getting a cash out refinance of my primary for the purchase or getting a regular purchase mortgage on the rental property? The interest rates are high... read more

Beach House Depreciation and Eventual Recapture

We are looking at buying a house at the beach. We will plan on using it much more than 10%. Lets say we will use it 126 days and it will be rented at FMV 84 days. (60/40) . Let's also say that house cost $375K and the the non-land basis is $275,000 .... read more

Tax impact of transferring large amount of funds to wife

Hi TT experts,My wife and I (we are US permanent residents, but NOT US citizens) wanted to take advantage of opening a new trading account under her name and getting matching % funds from a brokerage (I already have an account with the brokerage and ... read more

Long Term Capital Gains and AGI

I sold some stocks in 2024 after holding for more than 1 year and had long term capital gains (LTCG) of ~$86k.Does this get added to my AGI and push me in the higher income tax rate for regular income?How is normal/regular income taxed if LTCG puts y... read more

How to complete Line 25 a, b, and c, on Form 8824 Like Kind Exchange

The last 8824 I completed for our 2020 tax return did not have and a, b, c, for Line 25 on Form 8824, so this is new to me. Turbo Tax is forcing the total of Line 25 a, b, and c to foot to the entry for Line 25, which is the New Property Basis.This f... read more

Long Term Capital Gain Tax Calculation

I have some questions regarding how long term capital gain (LTCG) tax is calculated. Using 2024 numbers, $0 to $94,050 LTCG tax rate is %, married filing jointly standard deduction is $29,200. If my income is $123, 250 with all of it being LTCG, my t... read more

depreciation car

I want to combine two schedules c business into one. n doing so I need to delete one of the schedule c. But need to make sure car depreciation is transferred

How to handle mortgage broker fee and loan fees for rental property we purchased in 2023

This is for a ten year loan. This is not a refinance. It is for the initial purchase. This is what I have done. Is this correct?- I expensed the loan fee because it was less than $200- I amortized the mortgage broker fee over ten years because it was... read more

Multiple rentals on Schedule C

Can I use multiple rentals one Schedule C

State Capital Gains Tax

My situation is as follows — I am a 22 year old college senior graduating in May. January through May I lived in Indiana while at school. In June I will be living in IL at my parents’ apartment in Chicago for a month until finding my own place to mov... read more