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4 weeks ago
All of the pension income is an RMD
4 weeks ago
It seems your mother was a co-owner of the property until your stepfather's death, at which time she became the sole owner. Her basis would be 1/2 the cost basis + 1/2 the Fair value of the property ...
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It seems your mother was a co-owner of the property until your stepfather's death, at which time she became the sole owner. Her basis would be 1/2 the cost basis + 1/2 the Fair value of the property on the date of your stepfather's death. After his death, she gifted you 1/2 property, which becomes your tax basis for that portion of the house based on the above. The 1/2 you inherited would get stepped up to fair value on the date of her death. The cost of the roof would add to this tax basis.
The way you describe it, your mother made a direct gift to you of 1/2 of the house rather than creating a life estate with you as beneficiary. Had this been done, your basis would be 100% of the Fair value on the date of her death + the roof cost.
You can report the sale using the home sale worksheet. You do not qualify for a home sale exclusion. TurboTax should transfer the info from this worksheet to Form 8949.
This transaction is taxable in Illinois and Georgia; you get a credit on the Georgia return for some or all of the taxes you pay in Illinois. You have to complete the Illinois return before completing Georgia.
4 weeks ago
The primary business code (NAICS) for DoorDash drivers (Dashers) is 492000 (Couriers and Messengers)
4 weeks ago
It is available. Enter your contributions
4 weeks ago
RMDs for pensions?
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4 weeks ago
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4 weeks ago
The “senior deduction” is added automatically by the software based on the date of birth and filing status you entered into MY INFO. You do not need to take any extra steps to enter it. (And…the new...
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The “senior deduction” is added automatically by the software based on the date of birth and filing status you entered into MY INFO. You do not need to take any extra steps to enter it. (And…the new senior deduction has nothing to do with whether you are getting Social Security)
The deduction is not on the same line as your standard deduction. It is shown separately.
2025 STANDARD DEDUCTION AMOUNTS
SINGLE $15,750 (65 or older/legally blind + $2000)
MARRIED FILING SEPARATELY $15,750 (65 or older/legally blind +1600)
MARRIED FILING JOINTLY $31,500 (65 or older/legally blind + $1600)
HEAD OF HOUSEHOLD $23,625 (65 or older/legally blind + $2000)
For 2025 through 2028 there is an extra deduction amount of up to $6000 per individual 65 or older filing Single, MFJ, or HOH which is phased out for taxpayers with modified adjusted gross income over $75,000 for single filers and $150,000 for joint filers.
(The deduction phases out completely at $175.000 Single or HOH, or $250,000 joint)
The $6,000 senior deduction will be calculated on 1040 Schedule 1-A page 2 Part V Enhanced Deduction for Seniors which goes to 1040 line 13b. It is separate and in addition to the Standard Deduction or your Itemized Deductions on 1040 line 12e. Turbo Tax automatically includes it.
IRS Schedule 1-A https://www.irs.gov/pub/irs-dft/f1040s1a--dft.pdf
Need to see it?
https://ttlc.intuit.com/turbotax-support/en-us/help-article/tax-return/preview-turbotax-online-return-filing/L77WCkvnu_US_en_US?uid=m681fkhr
If you are not getting the senior deduction it is because
Your date of birth in MY INFO shows that you were not 65 by the end of 2025
Your income is too high
You are filing married filing separately
@bhwinsc
4 weeks ago
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4 weeks ago
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4 weeks ago
Use 485310. If that gives you an error, use the default 999000.
4 weeks ago
To enter Home Energy Credits -
Click on Federal Taxes (Personal using Home and Business) Click on Deductions and Credit Click on I'll choose what I work on (if shown) Under Your Home On Home En...
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To enter Home Energy Credits -
Click on Federal Taxes (Personal using Home and Business) Click on Deductions and Credit Click on I'll choose what I work on (if shown) Under Your Home On Home Energy Credits, click the start or update button
4 weeks ago
Will I hear from you today? I've not seen the TurboTax functionality for the capital loss carryforward resolved. Thank you, Jan
4 weeks ago
No. When we ask if you bought any major items while living in your state, answer Yes if you purchased:
A motorized vehicle (like a car, truck, RV, or motorcycle—but no mopeds).
An aircr...
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No. When we ask if you bought any major items while living in your state, answer Yes if you purchased:
A motorized vehicle (like a car, truck, RV, or motorcycle—but no mopeds).
An aircraft, boat, mobile home, or manufactured home, but only if you paid the general sales tax rate (otherwise it doesn't apply).
Building materials for a major renovation or substantial addition to a home, if you paid the general sales tax rate yourself or your contractor was authorized to purchase these materials per your instructions or building contract.
Otherwise, answer No, even if the items you purchased were expensive or really big.
4 weeks ago
@edandterri2010 wrote:
I need a copy of my 2024 tax return
To access your current or prior year online tax returns sign onto the TurboTax website with the User ID you used to create the a...
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@edandterri2010 wrote:
I need a copy of my 2024 tax return
To access your current or prior year online tax returns sign onto the TurboTax website with the User ID you used to create the account - https://myturbotax.intuit.com/
Scroll down to the bottom of the screen and on the section Your tax returns & documents. Click on the Year and Click on Download/print return (PDF)
If you used the desktop CD/Download editions installed on your computer, the only copy of your tax data file and any PDF's will be on the computer where the return was created. TurboTax does not store online any returns completed using the desktop editions.
Go to this IRS website for free transcripts of a federal tax return - https://www.irs.gov/individuals/get-transcript
For a fee of $30 you can get a complete federal tax return from the IRS by completing Form 4506 - http://www.irs.gov/pub/irs-pdf/f4506.pdf
4 weeks ago
A HVAC would not be considered a major purchase.
4 weeks ago
I need a copy of my 2024 tax return
4 weeks ago
You need your 2024 AGI to efile 2025. The AGI is on 2024 1040 or 1040SR line 11. If you filed a Joint return you use the same AGI for each spouse. How to find the AGI. https://ttlc.intuit.com/com...
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You need your 2024 AGI to efile 2025. The AGI is on 2024 1040 or 1040SR line 11. If you filed a Joint return you use the same AGI for each spouse. How to find the AGI. https://ttlc.intuit.com/community/agi/help/how-do-i-find-last-year-s-agi/01/25947 If you didn't file 2024 or filed it later in the year or mailed it, then try entering 0 for the AGI. If that doesn't work you will have to print and mail your return. Or request a transcript from the IRS https://www.irs.gov/individuals/get-transcript
4 weeks ago
1 Cheer
For your primary or secondary home, the only deductible closing costs are home mortgage interest and certain real estate taxes. These deductible costs generally include:
Real estate taxes paid a...
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For your primary or secondary home, the only deductible closing costs are home mortgage interest and certain real estate taxes. These deductible costs generally include:
Real estate taxes paid at closing
Mortgage interest paid when the cost was settled
Interest paid at the house’s purchase
Loan origination fees, known as “points”
Note: Other costs are deductible when refinancing your rental property.
You can add other settlement fees or closing costs to the basis of your property. This way you’ll get credit for those costs when you sell the home. These base adjustments include:
Abstract fees
Charges for installing utility services
Legal fees
Recording fees
Surveys
Transfer taxes
Title insurance
Any amounts the seller owes that you agree to pay, such as back taxes or interest, recording or mortgage fees, charges for improvements or repairs, and sales commissions
Current Rental Properties entry section
Did you sell Rental Property? If so, here is how to report it and recapture the depreciation.
4 weeks ago
You can't find it as it doesn't seem to work as it's supposed too! I tried 3x, 75 years old, filing jointly, fully deleting and starting over each time. Unfortunate as I've used TurboTax in the pas...
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You can't find it as it doesn't seem to work as it's supposed too! I tried 3x, 75 years old, filing jointly, fully deleting and starting over each time. Unfortunate as I've used TurboTax in the past. Time to check out other options.