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Your basis for calculating your capital gain would be your original investment, plus income from the business you entered on your tax return over the years, less losses you deducted, plus additional amounts you invested, less amounts distributed to you before the final distribution. You would subtract that from the final distribution amount and that would be your capital gain or loss on the liquidation of your interest in the business.     

Ty! We decided I'd claim my daughter and her my son this year (never married). when I deleted daughter from mother's taxes (federal) I guess I assumed that state would re populate new info. It did not. So her return has our son as a dependent (federal)  but my daughters info still shows on her state as a dependent. Couldn't fix thru TurboTax. Their returns are now amended and accepted, mines rejected. So I sent them physical copies. Wish me luck

I can open my 2023 tax return because it says it's already been filed.  I have my printed copy but don't see the signature pin on the paperwork.  How can I find my 2023 pin because my 2024 return is rejected every time I try to filed my 2024 taxes with error message IND-032-04.  I have checked the AGI and it is exactly what is on line 11 of my 2023 tax return.

Open the f1116 instructions and go to page 10. Under the heading “Adjustments to foreign capital gains and losses,” you will be using either worksheet A or B or the worksheet in Pub 514. The instructions will guide you to determine which worksheet to use. Whichever worksheet is used,  the adjustments if any are performed by you using the worksheet's instructions.  After completion, you will have the amount to insert into f1116 line 1a.

@ smarvin wrote: I am confused by this additional fee also.  I purchased the Premier version from Amazon for 82.99 and used that download to prepare my taxes.  I am still getting charged the $40 fee at the end as a "Refund Processing Fee".  Can anyone tell me why? If you are efiling a state return there is a state efile fee of $25 (except no fee for NY state).   If you pay that by credit/debit card, there is no extra fee.   However, if you choose to pay that $25 fee out of your Federal refund, there is an extra $40 service fee for that option ($45 for California), which involves a third-party bank.    You can avoid that $40 service fee by going back and removing the option to pay out of your Federal refund, and then pay the $25 state efile fee upfront with credit/debit card.

Did you purchase the desktop software?   If so, go to your downloads account and download and install your software.   This link has full instructions to get started.     If you are using TurboTax Online, you don't pay until you are ready to file.  

In TurboTax Online, you may be able to Switch Products or Clear Data and Start Over.   Switch Products may be found in the lower left hand corner of the screen if it is available. Down the left side of the screen, click Tax Tools. Down the left side of the screen, click Tools. Select Clear and start over in the center of the screen. See this TurboTax Help.   As long as you have not   submitted payment,  deducted the TurboTax fee from your refund, or  registered your product,  you may erase your return and start from scratch in TurboTax Online. If you have done any of these things, you will need to manually edit your return.   To erase your return and start over in TurboTax Online:   Sign in to TurboTax and open or continue your return, if you haven’t already. Select Tax Tools from the left menu, then Clear & Start Over. Answer Yes to confirm.

You are allowed to treat AirBnb etc income as non-passive with certain limitations. However Intuit software doesn’t allow it so you have to try another competitor such as H&R Block Premium which does. Beware the accountants that tell you otherwise. I included the Tax Law reference for each item below and I’ve had 2 different Accounting firms confirm it.  1. Avg rental is 7 days or less IRC-469-1T(e)(3)(ii) 2.  Owner uses property less than greater of 14 days or 10% of rented days Title-26, section 280A(d)(1) 3.  Owner has to Materially participate and must show 100 hours of effort and more than anyone else . IRC-469-5T 4.  Spousal time is included in the time threshold. IRC-469(h)(5) 5.  You do not have to meet 500 hour threshold even if LLC if partners are General Partners as stated in LLC agreement and the partner served as General Partners for full year. IRC-469-5T(a)(e)(ii)   I have more backup material but I’m typing this on a phone because Intuit’s login to community is not working on computer.  So apologies for the typos and brevity.  The key is you have to Materially participate and provide regular, substantial and continuous effort and more than your cleaners and other contractors. That doesn’t mean you have to provide service like a hotel but you have to put in the hours and do the repairs yourself etc.    good luck. 

Depending on your tax situation if you have investments or rental properties, TurboTax Premier might be a better product for you. It includes all the features of TurboTax Deluxe and it offers Investment Income Reporting, including stocks, cryptocurrency, and other investments. Rental Property Income and Expense Management with detailed guidance for landlords.

It depends.   For the FBAR - 6 years filed on BSA E-Filing System For FATCA - Summary of FATCA reporting for U.S taxpayers gives the requirements for filing. You may need to file up to 6 years of returns. You could potentially get by with just 3 years of amended returns. If you really just didn't know better, 3 years of amended returns should be sufficient.  If you file 6 years, you are shielded from criminal prosecution.

Your business usage percentage for the first two years is 100%.  During the two years that it was only partially rented it would be based on square footage.  So maybe 50%?  Maybe less.  You'll have to figure that out.  But you will convert a percentage on it to personal use and then continue depreciating the percentage that you are still using for business.   @gss2