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31m ago
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32m ago
1 Cheer
It's unclear, but if he was renting during the last 10 years, even though he didn't file, depreciation was allowed under the tax laws. The tax laws say a taxpayer must use the higher of depreciation...
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It's unclear, but if he was renting during the last 10 years, even though he didn't file, depreciation was allowed under the tax laws. The tax laws say a taxpayer must use the higher of depreciation taken or allowable in computing gain/loss. How much cash he receives is irrelevant. His gain is Gross sales price less selling costs. less tax basis (cost reduced by depreciation higher of allowed or allowable). For rental real estate, depreciation would be recaptured as a Section 1250 gain, which has a preferential tax rate. Since the property was disposed of he's allowed to deduct suspended losses. However, its possiblle that he had an NOL in some of those 10 years. The fact that no return was filed for 10 years potentially creates issues for which a tax professional would be needed
33m ago
@RobertB4444 TT imported prev year rental income info and I just updated with 2024 updated income. So I would think so. I was checking TT community and it seems quite a number of people are having...
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@RobertB4444 TT imported prev year rental income info and I just updated with 2024 updated income. So I would think so. I was checking TT community and it seems quite a number of people are having this missing Form 568 info!
33m ago
When you file for taxes if you have had a settlement of 100k how much % goes to taxes (settlement was discrimination and lost wages case) and how do you pay this back if anything? Do you have ...
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When you file for taxes if you have had a settlement of 100k how much % goes to taxes (settlement was discrimination and lost wages case) and how do you pay this back if anything? Do you have a CPA experts? can I get a list of experts just for this expertize?
34m ago
TTWC6WB303461415
Topics:
34m ago
1 Cheer
No. Many people have employers with headquarters in another state, whether they work in a local office/facility or work from home. If you do not perform your actual work in the HQ state, you are n...
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No. Many people have employers with headquarters in another state, whether they work in a local office/facility or work from home. If you do not perform your actual work in the HQ state, you are not making money in another state.
34m ago
How will the overtime tax break work and will the system be updated so we can enter it on our own or will we need to pay more to have somebody help us? Also do I qualify I bought a car - do I qualif...
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How will the overtime tax break work and will the system be updated so we can enter it on our own or will we need to pay more to have somebody help us? Also do I qualify I bought a car - do I qualify for the interest deduction or how will that work?
35m ago
Does your federal return have all of the rental property in the correct place? TurboTax's system takes most of the cues for state information from the federal return and if there were any changes ma...
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Does your federal return have all of the rental property in the correct place? TurboTax's system takes most of the cues for state information from the federal return and if there were any changes made there they would carry over.
37m ago
I have a call from CA FTB telling me that 2024 CA tax returns is missing Form 568 for my LLCs. I looked at turbotax file for 2022 and 2023 where CA Form 568 are generated. I looked at turbotax ...
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I have a call from CA FTB telling me that 2024 CA tax returns is missing Form 568 for my LLCs. I looked at turbotax file for 2022 and 2023 where CA Form 568 are generated. I looked at turbotax file for 2024 and the forms section is truly missing CA form 568. I went to the 2024 TT CA state section > Income and adjustments > Business > Rental or Royalty Adjustment, these are missing the rental properties entries! I did NOT do anything differently from 2022 and 2023. 2022 and 2023 CA state section does have the rental properties entries! I am trying to figure out what did I do wrongly? Does this mean I should redo CA 2024 tax returns ? Pls help!
37m ago
Update on 1/21
37m ago
1 Cheer
You don't need to click on a link to join. Just ask your questions. You're already here!
38m ago
If it has not been purged already---
You have to access your own account and/or print it for yourself using exactly the same account and user ID that you used when you prepared the return.
...
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If it has not been purged already---
You have to access your own account and/or print it for yourself using exactly the same account and user ID that you used when you prepared the return.
https://myturbotax.intuit.com/
Start a 2025 return online and enter some personal information so that the menu on the left opens up and lets you access your past year returns.
https://ttlc.intuit.com/community/prior-year-return/help/how-do-i-access-my-prior-year-return/01/27010
https://ttlc.intuit.com/turbotax-support/en-us/help-article/import-export-data-files/save-2021-turbotax-online-return-pdf/L8dHfRkpT_US_en_US?uid=m5y4ch1y
Many people have multiple TT accounts and forget how to access them. Log out of the account you are in now.
https://ttlc.intuit.com/turbotax-support/en-us/help-article/account-management/many-intuit-accounts-turbotax/L9aVfKS1Z_US_en_US?uid=ll5g6zcx
Account Recovery
Or did you use the desktop version of TurboTax? If so, the files are on your own hard drive or any backup device you used like a flash drive.
https://ttlc.intuit.com/turbotax-support/en-us/help-article/tax-return/find-last-year-tax-data-file-tax-file-computer/L0XJvPaJr_US_en_US
https://ttlc.intuit.com/turbotax-support/en-us/help-article/data-systems/find-tax-data-file-mac/L4VNGm33S_US_en_US?uid=m6guhab0
You can get a free transcript from the IRS or for a fee of $30, an actual copy of your tax return.
https://www.irs.gov/individuals/get-transcript
https://www.irs.gov/pub/irs-pdf/f4506.pdf
SAVE YOUR TAX RETURNS !
EVERY year before mid-October you should save a copy of your tax return as a pdf and print a copy of it for your records. That way you will not be searching online frantically when you need it for a lender, FAFSA forms, your next tax return, etc.
https://ttlc.intuit.com/turbotax-support/en-us/help-article/import-export-data-files/save-2021-turbotax-online-return-pdf/L8dHfRkpT_US_en_US?uid=m6guj526
https://ttlc.intuit.com/turbotax-support/en-us/help-article/import-export-data-files/save-2021-turbotax-online-return-pdf/L8dHfRkpT_US_en_US?uid=m78eb8pc
In order to transfer a past year return to the new return you need the tax file
https://ttlc.intuit.com/turbotax-support/en-us/help-article/import-export-data-files/save-turbotax-online-return-tax-data-file/L4xwOG3LF_US_en_US?uid=m6guk3xl
NOTE: TurboTax and the IRS save returns for seven years. Returns older than seven years are purged.
38m ago
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 ...
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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
38m ago
I am using 2024 Turbotax (TT) Home and Business for filing my returns. A few months ago, I use TT to file my 2024 amended tax return, using my original 2024 TT file. A few weeks ago, I received an I...
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I am using 2024 Turbotax (TT) Home and Business for filing my returns. A few months ago, I use TT to file my 2024 amended tax return, using my original 2024 TT file. A few weeks ago, I received an IRS notice that "the column A of your amended return did not match our records". I checked Form 1040X, generated by TT and submitted to IRA. Found that the original AGI and itemized deductions amounts in Form 1040X are different from the original Form 1040 filed. Also Form 8962 Premium Tax Credit entries on amended Form1040X forms are different from the original returns. I did not make any change on this and so the changes are unexpected. Seems these are turbotax errors. Can someone from Turbotax pls advise? I have bought the Tax Defense. Should I contact them?
39m ago
Where is the link to join?
39m ago
Thank you
39m ago
Hi do you have a list of CPA experts that are specialized in a settlement income that counts as income ( not personal injury).
39m ago
1 Cheer
The "non-itemized" deduction for charity begins with your 2026 tax return----next year--- not for your 2025 tax return. For 2026 you can get a deduction for $1000 if filing single or $2000 on a joi...
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The "non-itemized" deduction for charity begins with your 2026 tax return----next year--- not for your 2025 tax return. For 2026 you can get a deduction for $1000 if filing single or $2000 on a joint return even if you use standard deduction.
40m ago
Topics:
40m ago
I tried Tax Slayer and was able to enter my 1099-R information. Turbo Tax is slipping in its old age and I have found that it is no longer reliable.