Get your taxes done using TurboTax

Hello @Insignia!

 

Whatever you forgot to report on a year's taxes, means  you should go back to amend that year. So, if you forgot to report the lien in 2021, you need to file a 1040X (amended 1040) to report it. You have three years to file an amendment. You can use your Turbo Tax software to do this for free. 

 

Since you sold your home this year, you will include the sale on your tax return for 2022. On this return, you will add the capital gains you received, and if over the limit, as you stated, it will be taxed.

 

Each transaction is treaded separately on your taxes. So, yes if you installed solar on the home, then include it in your return and obtain the credit for that. Turbo Tax will automatically help you calculate that. Likewise, your Uber and Airbnb transactions should be entered on your return as separate transactions, which if there is a loss/cost, then this amount will reduce you overall taxable income, thereby offsetting any overall gains. 

 

The same goes for trades in stocks and crypto. if you made a loss it will reduce your taxable income, but if you made a gain, that will increase your taxable income.

 

As you put all this information into Turbo Tax, the software will calculate all aspects of your return and since it is one return each transaction will be considered in the overall tax liability.

 

Let me know if you have other questions/concerns.

 

Thank you!

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