All Posts

The basis of the gifted rental property is the same as the cost you father paid since it was gifted to you before his death. This answer assumes it was put into just your name at the time of the gift and before your father's death.   To add a house for depreciation in your rental activity you should select the following: TurboTax Online: Select 'Add expenses or asset' > when you are back to the rental information screen select to edit or add the asset. TurboTax Online: Select 'Assets' in your rental property Enter the rental information requested and select 'Residential Rental Property' as the type. Be sure to have the land portion of the cost to enter it when asked. Enter the full amount of cost for the rental home. TurboTax will calculate depreciation on the difference. You can use the tax assessment from the city or county to arrive at the percentage for land cost. Once the asset(s) are entered you will have a depreciation amount.  The chart below will show you how it's calculated and it can also be found in IRS Publication 946. NOTE: If by chance you did inherit the home and it was not transferred to your name until after death the cost basis can be the fair market value (FMV) on the date of death.    We are sorry for your loss.

If you are filing an LLC tax return and you are the only owner of the company, you would need to file that with your personal Form 1040 as self-employment income. Since you already filed your Form 1040 you will have to amend that return to include your business income. You will see an option to amend your return when you log into your TurboTax program.

It is only taxable if you used the money for something other than the support of a disable person.   If you used the money for the support of a disabled person, it is not taxable and you don't report it.   If you used it for something else, you can search for 1099-qa and use the jump to link to report it.  

Review your personal information that you've entered in TurboTax, which is needed to help ensure that you create the correct state tax returns.   Review your answers on the Personal profile screen.  Select your name under My Info Select Revisit Scroll through the screens to ensure that you have the correct answers for your state of residence Scroll down to Other State Income and select Edit Check your answer for Did you make money in any other states? Answer Yes, and indicate that you made money in another state. After you complete your federal tax return and you move to the State Taxes sections, both your non-resident state and resident state returns will be listed.  Prepare your non-resident  tax return first. Depending upon the state you live in, you may get a credit on your resident tax return if you paid taxes on you non-resident return.   For additional information, refer to the TurboTax Help articles Do I have to file tax returns in more than one state?,  Why would I have to file a nonresident state return? and How do I file a nonresident state return?

I started filing using the "DIY" online option which was supposed to cost $115 at the most.  At the end, it went up to $209 for the Federal, $69 for the State = $278!  I mean, what the hell???  How did the cost more than double from the beginning?  Also, I was willing to let it go and do the direct deposit.  $35 for a "fast" version vs free for a slow version for direct deposit.  Can you say that they're looking to RIP PEOPLE OFF?!?!?!?  No only that, they also want to charge $40 for using their service.  I will NEVER EVER use Turbo Tax again!  After more than 20 years of using it, I'm done.  Plus, I will spread the word on how Intiut are a bunch of thieves looking to steal people's money by doing underhanded tricks instead of being upfront.  NEVER AGAIN!!!  

Your taxes will be withdrawn on the date you entered in the TurboTax program when you were checking out. You can find this date on your "Electronic Filing Instructions" form that is printed out with your tax return.   You can check your bank statement to see if the funds were withdrawn.

Margin Interest is still deductible as an itemized deduction.  However, the deduction is limited to the amount of net investment income that you have received.  So if your net investment income is lower than the standard deduction that would explain why the system keeps taking the standard deduction instead.   @drn0821 

If you have a W-2 you ARE an employee, unless you are a statutory employee.  That means box 13 would be checked.  If it is not, then you ARE an employee. If you are a statutory employee, then you are treated as an independent contractor.  Then you would need to file Schedule C.  You can then deduct your expenses.  in this case, yes, you would have to upgrade to TurboTax home and business.  The income on the 1099-NEC would be taxed as self-employment and subject to SE taxes which are 15.3% in addition to your regular ordinary taxes.