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They were deceased end of 2020. We did not realize there was a few months of interest in year 2023 until now. This would be their final year tax return for their estate.
@IndependentContractor , considering that your tax-home is US, a short visit to another country  does not change  your  income source country.  Don't worry, all your income for the year is still US s... See more...
@IndependentContractor , considering that your tax-home is US, a short visit to another country  does not change  your  income source country.  Don't worry, all your income for the year is still US sourced, you will have no Canadian return to file.  But you have to make sure that your contractee / Canadian entity does not show any Canadian source income for the tax year.   Does this make sense ?
Turbo Tax and the IRS only keeps the last 7 years. If they still have it…….. How to Access prior year online returns https://ttlc.intuit.com/community/prior-year-return/help/how-do-i-access-my-prio... See more...
Turbo Tax and the IRS only keeps the last 7 years. If they still have it…….. How to Access prior year online returns https://ttlc.intuit.com/community/prior-year-return/help/how-do-i-access-my-prior-year-return/00/27010 If you can't get the side menus to open up to access the prior year..... You need to start entering some basic Personal Info in 2024 for the side menu to open up. Just continue a little ways into 2024. I had to go though about 12 screens. If you used the Desktop CD/Download program then the only copy is on your computer and not saved or stored online. So you need to make and keep your own backups. Or request a transcript from the IRS https://www.irs.gov/individuals/get-transcript Or get a copy of your return using form 4506 https://www.irs.gov/pub/irs-pdf/f4506.pdf
You will have a short term capital gain on your first investment offset by the amount of short term capital loss from your second investment. 
You  can use TurboTax 2024 to amend your return if you e-Filed successfully with TurboTax.   OR You can do it manually. The proper way to file Form 8606 is attached to Form 1040-X. Form 8606 c... See more...
You  can use TurboTax 2024 to amend your return if you e-Filed successfully with TurboTax.   OR You can do it manually. The proper way to file Form 8606 is attached to Form 1040-X. Form 8606 can be mailed by itself only when you are otherwise not required to file a tax return. Do you have the correct taxable amount on Form 1040 Line 4b and did not take a deduction? (Schedule 1 Line 20)? If that is all true then only Form 8606 has to be attached. After you e-File, get Form 1040-X from IRS website and mail it in with your <year> 8606, which you can also get in fillable PDF under Forms or "prior forms".. Note: when you are not changing any dollar amounts on your amending 1040-X, you can leave all the lines 1-23 EMPTY. Part II explanation: "didn't include Form 8606 with e-File". You will have to mail it so this does not use up your one 1040-X e-File. Done this way, you sign 1040-X, not 8606. Do not include your old 1040 nor your revised 1040 because they are identical     @puiyeehung 
Having investment property in California does not make your tax home in California.  The issue how you buy the property depends upon your financial situation and estate plans and while you can get su... See more...
Having investment property in California does not make your tax home in California.  The issue how you buy the property depends upon your financial situation and estate plans and while you can get suggestions from anonymous posters you might want to consult a financial planner. 
Q . Can we file jointly and me still file a capital gains exclusion on my home even though he filed on his home sale exclusion than 2 years ago?  A. Yes. Your limit for the capital gain exclusion, ... See more...
Q . Can we file jointly and me still file a capital gains exclusion on my home even though he filed on his home sale exclusion than 2 years ago?  A. Yes. Your limit for the capital gain exclusion, on your home sale, is $250,000, the same as a single person would get.  The fact that you are filing a joint return does not prohibit you from claiming your own capital gain exclusion.  What you cannot claim is the up to $500,000 exclusion married people can claim.    There are several reasons that you are limited to $250,000. 
I request your advice for 2 questions below and welcome any other advice you may have about them:   I currently live in Chicago and plan to buy a house in Bay Area which I may rent out  (more as in... See more...
I request your advice for 2 questions below and welcome any other advice you may have about them:   I currently live in Chicago and plan to buy a house in Bay Area which I may rent out  (more as investment property) as it is close to my parent's place and they can help me manage it.  1. I can pay the entire amount with cash. But I understand that I may have tax benefit by taking a loan for some of it. I request your advice on % or amount of loan would help me maximize the tax benefit.  2. I moved from New York to Chicago in July but have not lived in California in 2025 nor plan to move there this year. I work remotely 100%. I plan to file my 2025 taxes for 2 states as non-resident of New York, domicile and  resident of Chicago Would buying this investment property in California be considered as domicile of CA ? Thank you!  
Wow, thanks for this response.    It seems like I fell through a crack with foreign earned income then. I very well could be the only US employee for this Canadian company although I know they have... See more...
Wow, thanks for this response.    It seems like I fell through a crack with foreign earned income then. I very well could be the only US employee for this Canadian company although I know they have several contract workers, but not full-time. Are there big implications for the Canadian company labelling themselves as a US company in order to send me an amended w-2? Hopefully there's someone else in this situation who can chime in. I'll also plan to call the CRA & IRS and see what I find out.   Thanks for your help!
The foreign earned income exclusion only applies to income that you earn for working outside the United States. Since you worked only in the U.S., none of your income is foreign earned income. Yo... See more...
The foreign earned income exclusion only applies to income that you earn for working outside the United States. Since you worked only in the U.S., none of your income is foreign earned income. Your reading of the physical presence and bonafide residence tests is correct. You do not meet either test, so you do not qualify for the foreign earned income exclusion. The income from the company in Canada is U.S. income, even though the employer is located in Canada. It doesn't matter where the employer is located. What matters is where you actually work. The Canadian company is not reporting your income correctly. Employing you to work in the U.S. makes them a U.S. employer. They should have given you a W-2 (and withheld U.S. income tax and FICA taxes). They probably don't want to bother with that, especially if you are their only U.S. employee. I'm not sure what you should do about this. Wait a day or two and see if anyone else replies to this thread. If you don't get any better answer here, you might want to consult a local tax professional.  
I started 2024 with $100,000 sold for $400,000 but lost it all trading perpetual futures on MEXC. Do I owe taxes? All of this happened in 2024. I started 2024 with $100,000 and I ended December with $... See more...
I started 2024 with $100,000 sold for $400,000 but lost it all trading perpetual futures on MEXC. Do I owe taxes? All of this happened in 2024. I started 2024 with $100,000 and I ended December with $40,000.
Thanks for your reply!   BTW I live in LA County, with the fires in January, the tax deadline was extended till October (in case you were wondering why I'm this late!).   I was attempting to clai... See more...
Thanks for your reply!   BTW I live in LA County, with the fires in January, the tax deadline was extended till October (in case you were wondering why I'm this late!).   I was attempting to claim the foreign earned income exclusion.   Yes I had 3 streams of income last year (2024). I worked a   1) self-employed venture that is local to California 2) part-time position that gave me a w-2 (also in California)   Then, in June of 2024 I quit my w-2 job when I was hired for:   3) a remote full-time position with a company based in Canada (which sent me a T4, their w-2 equivalent I guess). For this work, I was hired remotely, so I still lived in the US the entire time. I was eligible for this position as a Canada-US dual Citizen.   Note that I never lived outside of my resident country (US) in 2024, so Turbotax's two tests to determine foreign income exclusion (physical presence & bonafide residence) didn't seem to fit in my situation based on what I read in their descriptions. Unless I read them incorrectly.   When I tried to declare my foreign income from the Canadian T4 I noticed that it was wrongly lumping the other two US sources (w-2 and self-employed) into that amount, drastically changing my taxes owed amount.   I'm using Turbo Tax on a desktop, and just basic at this point.   Thank you, any advice would be appreciated!
In TurboTax, go to: Other Tax Situations Business Taxes Self-Employment tax Click "Make Adjustments" Enter the amount of income that is subject to self-employment tax as "Other SE NonFa... See more...
In TurboTax, go to: Other Tax Situations Business Taxes Self-Employment tax Click "Make Adjustments" Enter the amount of income that is subject to self-employment tax as "Other SE NonFarm Profit." That will create Schedule SE, and the self-employment tax will appear on Schedule 2.  
withdrawal of money will not create a tax problem as long as you and the C-corp have positive tax basis at the end of the year.   generally, this would mean that schedule L on the k-1s shows a po... See more...
withdrawal of money will not create a tax problem as long as you and the C-corp have positive tax basis at the end of the year.   generally, this would mean that schedule L on the k-1s shows a positive amount for ending capital. liabilities, if any, can also affect tax basis    
When you are ready to e-file, you can add your banking information if you want to receive your refund by direct deposit.   You have to go to Step 2 in the FILE section.   HOW TO CHANGE OR ENT... See more...
When you are ready to e-file, you can add your banking information if you want to receive your refund by direct deposit.   You have to go to Step 2 in the FILE section.   HOW TO CHANGE OR ENTER BANKING INFORMATION FOR REFUND https://ttlc.intuit.com/turbotax-support/en-us/help-article/tax-refund/change-transferred-direct-deposit-information/L77NCbU6D_US_en_US?uid=m6tuh572     You cannot  change banking information while your return is in pending, nor can you change it after the return is accepted.  The IRS does not allow it.  
there may be a time limit for being able to open 2021. shortly after the 2024 tax season closes later this year, Turbotax, if it follows true to form, will no longer support 2021. so you will not be ... See more...
there may be a time limit for being able to open 2021. shortly after the 2024 tax season closes later this year, Turbotax, if it follows true to form, will no longer support 2021. so you will not be able to install the app. if installed you will not be able to open it.  you should save copies of returns as pdfs to avoid this issue. 
Hello,   Just and update.   Yes — Master Limited Partnerships (MLPs) are treated as publicly traded partnerships for tax purposes, and they’re generally taxed as partnerships rather than corpor... See more...
Hello,   Just and update.   Yes — Master Limited Partnerships (MLPs) are treated as publicly traded partnerships for tax purposes, and they’re generally taxed as partnerships rather than corporations if they meet the qualifying‑income rules. That means they file an annual partnership return with the IRS on Form 1065, which includes a Schedule K‑1 for each partner, no matter how small the ownership stake. Here’s how it works in practice: Form 1065 is the partnership’s master return — it reports the entity’s total income, deductions, credits, etc. A Schedule K‑1 is prepared for every unitholder, showing that partner’s share of those items. The partnership sends each K‑1 to the IRS and to the partner. The IRS uses the K‑1 copy to match against what the partner reports on their own return — so even a single unit in an MLP will generate a K‑1 in the IRS’s system. This is why even small MLP holdings can create extra tax complexity — the reporting obligation exists for every partner, large or small, and the IRS already has the same K‑1 you receive.
I have an LLC taxed as a partnership. There are 2 partners [1] Myself 90% [2] LLC taxed as C-corp 10% in which I am the sole member of this LLC-C Corp.  So in reality I am the sole member of these 2 ... See more...
I have an LLC taxed as a partnership. There are 2 partners [1] Myself 90% [2] LLC taxed as C-corp 10% in which I am the sole member of this LLC-C Corp.  So in reality I am the sole member of these 2 LLCs. During startup, I contributed monies to get it going. Now that my business is profitable, can I withdraw money to offset this initial contribution, without incurring any tax implications?   Thanks.