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@xmasbaby0 @texasgirl71  On March 14, 2025, the IRS Office of Chief Counsel (Chief Counsel) released advice memorandum number 202511015, addressing the deductibility of theft losses under IRC § 165 for scam victims. The memo offers important clarification on when and how taxpayers may claim a theft loss deduction.  The Chief Counsel memo affirms that taxpayers who are victims of scams may claim a theft loss deduction under IRC § 165, but only if their situation meets specific conditions: 1) The loss must result from criminal conduct classified as theft under applicable state law; 2) The taxpayer must have no reasonable prospect of recovering the stolen funds; and 3) The loss must arise from a transaction entered into for profit. The memo clarifies that a taxpayer can establish a profit motive not only through a traditional investment scam but also in situations where a scammer misleads a taxpayer into moving money under the false belief that they are protecting it. However, those who lose money through personal scams – such as romance scams or false kidnapping schemes – do not qualify for the deduction under current law due to the TCJA’s restrictions on personal casualty and theft losses.   That the scam be a Ponzi scheme is not necessary.  Number 1) is a legal issue that cannot be answered in this forum Number 3) is crucial. There must have been a profit motive.   

If you haven't e-filed your tax return, you can edit your dependent in the Personal Profile section of TurboTax. Review the TurboTax Help article How do I add or remove a dependent? for navigation instructions.   If you've already e-filed your tax return, you have to wait until your tax return is fully processed and you receive your refund or your balance due is deducted from your account.    For more information and instructions, review the TurboTax articles How to Correct Federal Tax Returns, How to File an Amended Tax Return with the IRS and Video: How to Amend Your Tax Return.

The filing thresholds for needing to file Form 8938 are different from the filing thresholds for an FBAR.  For married couples filing jointly, the filing threshold is $50,000 on the last day of the tax year or $75,000 at any time during the tax year.  For more information on Form 8938 see, Do I need to file Form 8938, Statement of Specified Foreign Financial Assets?   I would recommend to start filing as soon as you realize you need to file.  The FBAR has the same due date as the federal income tax return, including extensions. See Report Foreign Bank and Financial Accounts for more information on FBARs.   Also see Delinquent FBAR submission procedures and Streamlined filing compliance procedures, for more information about filing delinquent FBARs.

If you aren’t getting the new Enhanced Senior Deduction on Schedule 1-A which goes to 1040 line 13b  some things to check…. Check your date of birth under My Info If you are married you have to file a Joint return not Separate Is your AGI over 175,000 Single or 250,000 Joint?

I have the same issue. Yes, the full description for “other income” is reported on line 12 of the Other Income Statement.  However, it does not appear that the Other Income Statement will be included (submitted) with the 1040 because it is not printed when I print my 1040 using the “Returns For Filing” option. Also, Schedule 1 would say “See stmt” on line 8z if the statement was going to be submitted with the 1040.   I really think there is a bug here. The processing for “other income” on line 12 of the Other Income Statement should not have changed between 2024 and 2025 because there were no changes to the relevant IRS instructions. In addition, there was also an Other Income Statement in 2024 and all the information including the descriptions and amounts DID transfer from line 12 of that form to line 8z of Schedule 1.

the tax laws say In order for a taxpayer to claim a reduced maximum exclusion ... the sale or exchange must be by reason of a change in place of employment, health, or unforeseen circumstances. Factors that may be relevant in determining the taxpayer's primary reason for the sale or exchange include (but are not limited to) the extent to which— (1) The sale or exchange and the circumstances giving rise to the sale or exchange are proximate in time; (2) The suitability of the property as the taxpayer's principal residence materially changes; (3) The taxpayer's financial ability to maintain the property is materially impaired; (4) The taxpayer uses the property as the taxpayer's residence during the period of the taxpayer's ownership of the property; (5) The circumstances giving rise to the sale or exchange are not reasonably foreseeable when the taxpayer begins using the property as the taxpayer's principal residence; and (6) The circumstances giving rise to the sale or exchange occur during the period of the taxpayer's ownership and use of the property as the taxpayer's principal residence.   further (d) Sale or exchange by reason of health—(1) In general. A sale or exchange is by reason of health if the primary reason for the sale or exchange is to obtain, provide, or facilitate the diagnosis, cure, mitigation, or treatment of disease, illness, or injury of a qualified individual described in paragraph (f) of this section, or to obtain or provide medical or personal care for a qualified individual suffering from a disease, illness, or injury. A sale or exchange that is merely beneficial to the general health or well-being of an individual is not a sale or exchange by reason of health. (2) Physician's recommendation safe harbor. A sale or exchange is deemed to be by reason of health if a physician (as defined in section 213(d)(4)) recommends a change of residence for reasons of health (as defined in paragraph (d)(1) of this section).   I think health is really the primary reason for the move. The baby probably would not be an unforeseen circumstance unless there was no intention of having a baby before buying the house.    Perhaps your doctor could provide a written recommendation to move due to declining health and your long commute. Ideal if the IRS were to question the reduced exclusion. - this is a safe harbor that the IRS would not challenge.  Based on what you provided, you should qualify for the reduced exclusion for one or more reasons. No reason has to be provided when filing your return.

It depends.  If you obtained (paid for) your business license prior to starting business operations then yes.  If you obtained it after business operations began, then no it would not be a start-up cost. 

Your filing status and number of dependents has no impact on whether or not you get an Identity Protection PIN (IP PIN).  If you have been a victim of Tax Identity Fraud and reported it to the IRS, you are required to have on IP PIN in order to e-file your tax returns.  Otherwise, it is a choice.  It is an additional security measure that can prevent you from being a victim of Tax Identity Fraud; however, you're not required to do so.  It is your choice.     For more information and procedures to obtain an Identity Protection PIN go the IRS website: Get an identity protection PIN (IP PIN)    

It is automatic based on your age.   It is not part of your Standard Deduction. The new Senior Deduction is separate and in addition to the Standard Deduction or your Itemized Deductions on 1040 line 12e. The 6,000/12,000 senior deduction will be calculated on 1040 Schedule 1-A page 2 Part V Enhanced Deduction for Seniors which goes to 1040 line 13b. Turbo Tax automatically includes it if you qualify.   If you are married you have to file a Joint return. For Online version you can preview the 1040 https://ttlc.intuit.com/community/accessing/help/how-do-i-preview-my-turbotax-online-return-before-f...   See the 1040……. N               n

You are correct, your cost (and your basis in the property) is the actual amounts you paid for certificates, fees, etc.  Things you have paid yet and won't have to pay in the future (e.g. accumulated interest) are not factored in to your cost - you can ignore it.  As for how the acquisition would be treated in TurboTax, it is not a taxable event so it wouldn't need to be reported in TurboTax except as an asset on your balance sheet if you are completing Schedule L of your Form 1065.  You may not be required to complete Schedule L depending on you answered Yes to Question 4 in Schedule B:  4. Does the partnership satisfy all four of the following conditions?  a. The partnership’s total receipts for the tax year were less than $250,000.  b. The partnership’s total assets at the end of the tax year were less than $1 million.  c. Schedules K-1 are filed with the return and furnished to the partners on or before the due date (including extensions) for the partnership return.  d. The partnership is not filing and is not required to file Schedule M-3 . . . . . . . . . . . . . . .  If “Yes,” the partnership is not required to complete Schedules L, M-1, and M-2; item F on page 1 of Form 1065; or item L on Schedule K-1.