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@theDoc . ah, my error in misunderstanding the situation. So what I understand from your reply is that  (a) the property is owned by all three of you  (b) Only the mortgage is in your name . ... See more...
@theDoc . ah, my error in misunderstanding the situation. So what I understand from your reply is that  (a) the property is owned by all three of you  (b) Only the mortgage is in your name . So for your Schedule-E ( because there is no entity level filing  )  (a)  going by default  / equal ownership ( unless the deed calls out a different  ownership percentage ), you can only allocate 1/3 of   Rental income, Expenses, Depreciation etc. but 100% of the  mortgage interest ( since  ONLY you pay this item). OR (b)  there are other ways to do this -- i.e. how to allocate  the income and taxes amongst the partners.  But this can only be done based on longer term goals.  For example  how to allocate the depreciation benefits amongst the partners and what happens when the property is disposed off.   So I still maintain, you should seriously consider having a discussion with an attorney  before you lock yourself into a path  ( especially depreciation  benefit  and  recovery  / capital gain at disposal ).   IMHO   pk
Hello,   I have a hypothetical question about whether a margin loan placed into a Money Market Fund (e.g SPAXX) would allow me to accrue deductible interest that can be used to offset other investm... See more...
Hello,   I have a hypothetical question about whether a margin loan placed into a Money Market Fund (e.g SPAXX) would allow me to accrue deductible interest that can be used to offset other investment income (assuming it qualifies under publication 550). For example,   1. I take out a margin loan against an individual brokerage account 2. I deposit the entire balance into a money market account 3. The entire amount is held in the MMF until $Y margin interest is accrued   Assuming my total investment income was greater than or equal to $Y, would I be able to deduct the interest I paid on the loan? Is using a MMF in this way fundamentally different (other than level of risk and interest paid) than holding any other security. Apologies if my question isn't clear.   Thank you!
And it depends if you were able able to itemized deductions and deduct the Medical Expenses instead of taking the Standard Deduction for 2024.   Which did you take?   If you itemized the full amount ... See more...
And it depends if you were able able to itemized deductions and deduct the Medical Expenses instead of taking the Standard Deduction for 2024.   Which did you take?   If you itemized the full amount and later got a reimbursement then it would be income.  Most people are taking the Standard Deduction now.   For 2024 the standard deduction amounts are: Single 14,600 + 1,950 for 65 and over or blind (16,550) HOH 21,900 + 1,950 for 65 and over or blind (23,850) Joint 29,200 + 1,550 for each 65 and over or blind (30,750/32,300) Married filing Separate 14,600 + 1,550 for 65 and over or blind (16,150)
Yes. It actually doesn't matter when the insurance company issued the check or when you deposited it. The insurance reimbursement is not income. It's a reduction of your 2024 deductible medical expen... See more...
Yes. It actually doesn't matter when the insurance company issued the check or when you deposited it. The insurance reimbursement is not income. It's a reduction of your 2024 deductible medical expenses. In general you deduct medical expenses in the year that you pay them. If a medical expense was later reimbursed, it doesn't matter when it was reimbursed. If a 2024 expense was reimbursed, your 2024 deduction is reduced by the amount of the reimbursement, no matter when you got the reimbursement. From what you wrote it's not clear whether the insurance reimbursed the full cost. If so, none of this matters because you don't have anything to deduct, so you don't need any records.  
I no longer live at that adress so i can’t get the check, that’s the problem.
You can start another return in TurboTax Online by: Logging out if you are in your account Choose what TurboTax Online product you want to use for the second return https://turbotax.intuit.com/per... See more...
You can start another return in TurboTax Online by: Logging out if you are in your account Choose what TurboTax Online product you want to use for the second return https://turbotax.intuit.com/personal-taxes/compare/online   Create your account screen Set up a new login for the second return Start working on the new return
Then send them a copy of your W2.     They probably want to verify the withholding on it.  Maybe they didn't get the original W2 from your employer to match it up.  
Are you on Windows?   Here's some info I found...... Did you search your whole computer for all files ending in .tax2023 etc? And check the recycle bin and your backups. Check in the Admin User Acco... See more...
Are you on Windows?   Here's some info I found...... Did you search your whole computer for all files ending in .tax2023 etc? And check the recycle bin and your backups. Check in the Admin User Account, One Drive, Drop Box, etc. It should be in your Documents then in the Turbo Tax folder. Also if you have multiple Windows user accounts, log into each one and do the search for the *.tax20yy data file from within each one and checking the Recycle Bin in each one. This user found them in the Admin Account. https://ttlc.intuit.com/community/taxes/discussion/re-my-turbo-tax-2024-deluxe-save-file-disappeared/01/3677232#M1359726   He said….. -searches done thru my user account can't see admin files -windows file recovery showed no files, because no files were actually deleted, they were moved -undelete thru recuva was unsuccessfull because the files were not deleted but moved
Irs said my taxes wasn't filled right and wants my w2 for lasr
@pkthank you for the response. I want to clarify that the Deed is in all 3 or our names. And property Tax bill is also in all 3 of our names. The mortgage and leases are only in my name.
Update:  Bought a new computer and was being very careful about transferring Turbo Tax Files.   I installed Turbo Tax 2024 and transferred my Turbo Tax folder which contained tax returns completed th... See more...
Update:  Bought a new computer and was being very careful about transferring Turbo Tax Files.   I installed Turbo Tax 2024 and transferred my Turbo Tax folder which contained tax returns completed this year.   WTH!   It now deleted all my son's information.   This is insane.  I checked everywhere to include Cloud, which I don't even use, and nothing.   Doubt I will be using TT in the future.   
A TurboTax Online account can only be used for one tax return. You cannot do your uncle's tax return with the same account that you used for your mother. If you need to file another tax return for so... See more...
A TurboTax Online account can only be used for one tax return. You cannot do your uncle's tax return with the same account that you used for your mother. If you need to file another tax return for someone else you have to use a different account. You can have up to 5 TurboTax Online accounts with the same email address.  
@theDoc  In my simplistic view and since all the legal documents ( title, mortgage , property tax etc. ) are all in your name,  the recognition of income and paying of taxes thereon is only yours. ... See more...
@theDoc  In my simplistic view and since all the legal documents ( title, mortgage , property tax etc. ) are all in your name,  the recognition of income and paying of taxes thereon is only yours.  I am assuming here that  you and your partners ( NRA or otherwise ) do not have/own/operate as  a legal entity  ( LLC or Partnership  etc. ) owning the rental property or properties.  So for all intents and purposes , you are the  ONLY owner/ mortgagor/taxpayer. On the other hand if you had a legal entity  ( llc/partnership) where the you and the partners had a defined ownership percentage , then your partners could have had  pass-through capabilities ( ownership , income, tax liabilities  etc. ).  Very strongly suggest  using the services of an attorney specializing in entity with  foreign/NRA ownership/participation.   Is there more I can do for you ?
Are you talking about the number of tax returns that can be filed with the desktop TurboTax software, or the number of TurboTax Online users? The tag below your question says you are using TurboTax O... See more...
Are you talking about the number of tax returns that can be filed with the desktop TurboTax software, or the number of TurboTax Online users? The tag below your question says you are using TurboTax Online. Is that correct? You can have up to 5 TurboTax Online accounts with the same email address. If you need more accounts you have to use a different email address. With the desktop TurboTax software you can e-file up to 5 federal tax returns. That limit is set by the IRS, not by TurboTax. There is no way to increase the limit. You can prepare additional tax returns, but they have to be filed by mail.  
@priyansh-p-sharma ,  (a) What is your own immigration / tax status ?  Are you a US person ( citizen/ GreenCard/Resident for Tax purposes )?  Getting a 1042-S implies that the issuer / agent  at so... See more...
@priyansh-p-sharma ,  (a) What is your own immigration / tax status ?  Are you a US person ( citizen/ GreenCard/Resident for Tax purposes )?  Getting a 1042-S implies that the issuer / agent  at some point considered you an NRA .  So please tell more about this (b) Assuming that this 1042-S was in your name ( beneficiary / Recipient ) -- see Boxes  13a through 13l,   what does it show in Box 1 ( Income code ) and the info in Boxes 3 and 4 ?  That should tell you what type of income this was. (c) When did you enter this country and with which visa  ?   Was there an adjustment to your status   -- e.g. F-1 to H-1B ? And if so when ? (d) Assuming that you a US person for the tax year 2024 and therefore you have filed your return on form 1040  ( not 1040-NR) , then you have to file an amended return to reconcile  the 1042-S income and any taxes withheld  by the agent ( See Box-14 ). (e) Which country are you from ? I will circle back once you answer my questions  yes ?   pk
What is wrong with TurboTax Bus. Desktop for form 568? It won't let me e-File.
How to get started with the Desktop program, install and activate it https://ttlc.intuit.com/turbotax-support/en-us/help-article/product-delivery/download-software-turbotax-com/L7u9oLEkq_US_en_US?ui... See more...
How to get started with the Desktop program, install and activate it https://ttlc.intuit.com/turbotax-support/en-us/help-article/product-delivery/download-software-turbotax-com/L7u9oLEkq_US_en_US?uid=luqgvzrd   If you are having trouble going to installturbotax.com, you can go here to start the download https://turbotax.intuit.com/personal-taxes/cd-download/install-turbotax
After you entered it did you go though the state tab again for it to update?  Or did it get into the state return twice?