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Does the rental rise to the level of a "Trade or Business"? Section 179 is only allowed for a "Trade or Business". TurboTax assumes that all rentals are NOT a "Trade or Business".   IF it is ... See more...
Does the rental rise to the level of a "Trade or Business"? Section 179 is only allowed for a "Trade or Business". TurboTax assumes that all rentals are NOT a "Trade or Business".   IF it is a "Trade or Business", you need to modify line 11 of Form 4592.  As far as I know, the online version of TurboTax can NOT do this; you would need the CD/downloaded version to do that (and go into "Forms Mode" to modify line 11 of Form 4562_.
If the 1099-C is for 2024, you should file an amendment.    If it is a 2025 form, report it on next year's taxes.   How do I amend my federal tax return for this year (2024)?
The expenses you describe are only deductible if you are self-employed. They would be entered in the self-employment income and expenses section of the software. If they are personal expenses, they a... See more...
The expenses you describe are only deductible if you are self-employed. They would be entered in the self-employment income and expenses section of the software. If they are personal expenses, they are not deductible on your tax return.   How to enter business expenses in TurboTax   @oriongalioni 
Are you filing your 2021 personal tax return using the desktop software?    Self-employment expenses are entered on Schedule C.   You can only use the 2021 TurboTax software to prepare returns for ta... See more...
Are you filing your 2021 personal tax return using the desktop software?    Self-employment expenses are entered on Schedule C.   You can only use the 2021 TurboTax software to prepare returns for tax year 2021.   If you are preparing your 2024 tax return, you have to use the 2024 software or TurboTax Online.     Where do I enter my self-employment business expenses, like home office, utilities, vehicle mileage, and supplies?
There was a large fraudulent charge on my HSA account, more than was contributed during that year. Will I now be responsible for the taxes on that amount as if I used it for a non-medical expense? And... See more...
There was a large fraudulent charge on my HSA account, more than was contributed during that year. Will I now be responsible for the taxes on that amount as if I used it for a non-medical expense? And if so can I "repay" the amount into the account?
All money for LLC is At-Risk. Currently it is not allowing me to show loss on personal taxes even with K1 showing -$26,172. Am I doing something wrong?
if you are trying to work out ES based on 2025 estimate, try going thru the interview screens under Other Tax Situations / Form W4 and Estimated Taxes rather than trying to do it via Forms.
Thank you so much!  So, I'm assuming because I chose "other income" vs "self-employment", that's why it is not giving me the option for expenses?  
@Mamamello2 wrote:  i didn't know I had to pay an $800 tax.   Go to a tax professional that can help you with what you don't know.  As you are finding out, doing your taxes yourself ca... See more...
@Mamamello2 wrote:  i didn't know I had to pay an $800 tax.   Go to a tax professional that can help you with what you don't know.  As you are finding out, doing your taxes yourself can be extremely expensive.  
You are adding the assets with purchase date and purchase price and marking them disposed of on the sale date for a sales price of zero. I would put paint under maintenance as an expense.
No. If you are claiming her as a dependent, you would report the 1098-T on your return. Only one taxpayer may claim an education credit for the same tuition dollars. If she has taxable scholarships i... See more...
No. If you are claiming her as a dependent, you would report the 1098-T on your return. Only one taxpayer may claim an education credit for the same tuition dollars. If she has taxable scholarships in box 5, the income can be reported on her return.   @LB90n 
@PatriciaV   What about the capital account values In box L?  First K1 zeroes out fields in the ending  and also shows a loss in box N (704 c),    Whereas the second K1 adds the ending of K1... See more...
@PatriciaV   What about the capital account values In box L?  First K1 zeroes out fields in the ending  and also shows a loss in box N (704 c),    Whereas the second K1 adds the ending of K1-L to the second K1-L-other increase, and ends with a different Box N loss   So,  should i add these box L and N values up as well?  thx    
I have entered in my tax return my daughters 1098T... she did have income from internship summer of 2024 thus she needs to file a tax return.  does she needs to input the 1098T also in her tax return... See more...
I have entered in my tax return my daughters 1098T... she did have income from internship summer of 2024 thus she needs to file a tax return.  does she needs to input the 1098T also in her tax return?  
can I use turbo tax free if my only income is from social security
It seems the edit feature for my last reply doesn't work :( I have used this form successfully a month or so ago on a different return.  Something has broken since.
No.  Death is not the same abandonment. You cannot claim abandonment when your spouse dies. 
You said she was there (in school) more than 5 months, that counts as full time.  Answer that question yes, in the info section.    Q. I think without full-time status none of this counts anyhow?... See more...
You said she was there (in school) more than 5 months, that counts as full time.  Answer that question yes, in the info section.    Q. I think without full-time status none of this counts anyhow? A. No.  Even though the school didn't check the half time+ box, you can still answer yes to the follow up question, in the educational back section.  That  qualifies her education for the tax credit.  She did not need to complete the term and/or earn credits.    What the 5 months controls is whether you can claim her as a dependent, under the qualifying child rules or have to use the tougher qualifying relative rules.  There are two types of dependents, "Qualifying Children"(QC) and Other ("Qualifying Relative" in IRS parlance even though they don't have to actually be related). There is no income limit for a QC but there is an age limit, student status, a relationship test and residence test. A child of a taxpayer can still be a “Qualifying Child” (QC) dependent, regardless of his/her income, if: He is under age 19, or under 24 if a full time student for at least 5 months of the year, or is totally & permanently disabled He did not provide more than 1/2 his own support. Scholarships are excluded from the support calculation He lived with the parent (including temporary absences such as away at school) for more than half the year See full dependent rules at: https://turbotax.intuit.com/tax-tools/tax-tips/Family/Rules-for-Claiming-a-Dependent-on-Your-Tax-Return/INF12139.html
You can use any method that would allow the expense to match the office. A simple one would be if you had 10 windows replaced and you paid $5,000 AFTER insurance paid, and you have 1 window in the of... See more...
You can use any method that would allow the expense to match the office. A simple one would be if you had 10 windows replaced and you paid $5,000 AFTER insurance paid, and you have 1 window in the office, you could deduct $500 for the home office window.    
Is this on a 1040 (such as Schedule C)? If so, is there any other income on the 1040? Are you SURE this is a business?  Many years of having a loss MIGHT put the determination of a "business" i... See more...
Is this on a 1040 (such as Schedule C)? If so, is there any other income on the 1040? Are you SURE this is a business?  Many years of having a loss MIGHT put the determination of a "business" in doubt.