All Posts

That's correct, the vehicle has not been sold, just its utilization has dropped below 50% and this is done through the "Sale of Business Property" section. The error is showing on form 4797 (line 34, "Recomputed depreciation" which needs to be recomputed using SL)

Just so we are clear ... you have not sold the vehicle, right?  But it dropped to 50% or less which is requiring the recapture, right?   Where in the program are you entering this?  The last I checked (but has been a while), I don't think the vehicle section dealt with that, but you had to go to the "Sale of Business Property" section (even though it wasn't sold).  But maybe my memory is wrong.   Where is this error showing?  In the vehicle section where you are trying to depreciate this year's vehicle, or in the section where you are entering the $33,000-ish of recapture? 

Patricia, Thank you for your interest and prompt advice.  However, none of my K-1s provide this info., not even the CA LLCs.  It is my understanding that the amount of unallowed loss is determined at the member level.   The tax member simply informs you (via the K-1) how much and what type of loss you have;  it is up to the individual member to determine how much from the prior year is allowed or how much must be carried forward to the next. Looks like I'll have to wing it on the interview form.  To me, this appears to be a material failing in TT that they do not autopopulate the 3801 from last year's data when they do the import (just as they autopopulate the Fed 8582).    Regards, L  

For what purposes are you needing his MAGI?   Does he have any income besides his W-2?   Roughly, how much income does he have?   Depending on the circumstances of why you need his MAGI, there could some very important things to be aware of.

@taxmodern wrote: property taxes, and mortgage interest   Unfortunately, I think TurboTax handles those incorrectly.   The last I checked, when there is enough personal use, the program allows the full rental portion of the deduction, regardless if those expenses are "otherwise allowable" or not.  While those can allow a loss if a taxpayer is Itemizing and those amounts would be a deduction (under any limits) - aka "otherwise allowable", TurboTax allows the loss regardless if the taxpayer Itemizes or if they would have been deductible or not.

I did see a comment maybe a couple weeks ago where someone said you could do that in TurboTax Online and it would handle it correctly now. So I went to TurboTax online and tried it, and there was no such option that I could find.  I suspect that answer that said that might have come from an AI-generated answer that was wasn't quite accurate.   So I'm pretty sure it still doesn't work that way. 

@taxmodern wrote: TurboTax Online unfortunately still doesn't have a way to correctly report short-term rentals as non-passive, so you can't use TurboTax Online  if you have an STR with an average stay under 7 days with material participation.    FYI:  I haven't seen it in action, but I saw one response from an Intuit employee that implied they might have added it.  It said you need to select Vacation Home/Short Term Rental for the category (not single family home) and then it asks for the average rental period.   But that is ONLY based on one comment I've seen, so I have have misinterpreted it or that comment I read might be wrong.

The downloaded version would be better to use since you can see the forms and if needed make corrections to text that is in blue directly on the form.     For most people the RMD is calculated by using your balance at the end of the previous year and dividing it by the number on Uniform Lifetime Table I, II, or III (depending on your situation)   So for example.  If your balance in your IRA is $250,000 on December 31 of the previous tax year and you are 75 years old and you are married and your spouse is less than 10 years younger than you, you would divide the $250,000 by 25.5 for a total of $9,803.92.  That would be your RMD for the year. 

If accepted by the state use this TurboTax support FAQ to check the state tax refund status - https://ttlc.intuit.com/turbotax-support/en-us/help-article/tax-refund/track-state-refund/L3jgO8PGs_...   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) Or - When you sign onto your online account and land on the Tax Home web page, scroll down and click on Add a state.  This will take you back to the 2025 online tax return. Click on Tax Tools on the left side of the online program screen.  Then click on Print Center.  Then click on Print, save or preview this year's return.  Choose the option Include government and TurboTax worksheets   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.

You are only taxed on RRSP withdrawals and overcontributions, not on reinvestments or capital gains within your RRSP account. You can't claim any fees you paid for services in connection with your RRSPs.   On your Canadian tax return, you can claim donations to both Canadian & US charities. You can only claim US donations if you have US income, though.    As to whether or not you need to file a return in Canada, this Canada Revenue Agency (CRA) website might help: Who should file a tax return    

Please clarify why you think this is wrong?  You are getting a federal refund of $29 and believe you should be getting more?  If so, why do you think you should be getting more back?  Is this your first year filing?  Did your situation change from last year?  Did you double check all of your entries?  Did you have a child that turned 17?