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Bryan1604

I would really appreciate guidance from some of the K-1 experts here: In 2025 I sold my entire interest in a partnership that invested in real estate. I'm unclear on how to compute the tax basis for...

I would really appreciate guidance from some of the K-1 experts here: In 2025 I sold my entire interest in a partnership that invested in real estate. I'm unclear on how to compute the tax basis for my interest based on the info on the final K-1. I actually received 53,946 for the sale of my partnership interest. The K-1 reports the following as my capital account info for 2025: Beginning capital account: -63,279 Current year net income (loss): -7,464 Other increase (decrease): 70,743 [the explanation for this amount is the sale of my interest, even though I actually received 53,946] Ending capital account: 0 Is my tax basis the capital account balance immediately before the sale of my interest, i.e. -63,279 - 7,464 = -70743? So my gain on the sale of the interest is 53,946 - (-70743) = 124,689?? What am I missing? Please also note that my share of the partnership's nonrecourse and qualified nonrecourse financing totaled 206,448 immediately prior to the sale of my interest. This matches a "distribution" of 206,448 reported in box 19D of the K-1, which I expect just offsets the basis I had due to my share of the partnership's liabilities -- in other words, it doesn't affect my basis for tax purposes. I would appreciate any help or guidance! Thank you

andrew-acer

I sold a rental property in 2025. I meet the 2/5 year rule for having lived in it as a primary home, so we'll owe no capital gains tax. But, we took depreciation for 3 years, and that should be reca...

I sold a rental property in 2025. I meet the 2/5 year rule for having lived in it as a primary home, so we'll owe no capital gains tax. But, we took depreciation for 3 years, and that should be recaptured at sale. I downloaded the draft tax return doc before filing, and I don't see that captured anywhere.

Fitter4095

God bless you. Fixed my issue, I was about to lose it. If I could kiss you through the phone I would @MindBlown2Bits

crystalcordes90

adweathers

@trapezewdc, what was the other software? You can message me directly since they may not want you discussing other software in a group thread. I expect I will have a similar issue. Last year I had to...

@trapezewdc, what was the other software? You can message me directly since they may not want you discussing other software in a group thread. I expect I will have a similar issue. Last year I had to mail my return because it was not accepted for e-file. I am not filing as head of household but just have the nonresident spouse issue. Turbo Tax seems to treat spouse not having an ITIN/SSN as an error condition even though the IRS provides instructions for this situation. I have not tried e-filing this year yet but I already see the error condition listed so I do not have confidence it will work. I would rather not have to mail if there is another option. Thanks.

lryakowitz

notorious1

Turbo Tax doesn't even offer that option

msahmed1

Mike9241

if your trying to access it, you're out of luck. TurboTax only supports the current and the 3 prior years. you can get a transcript (form 4506-T) or copy of the return (form 4506) for a fee) from ...

if your trying to access it, you're out of luck. TurboTax only supports the current and the 3 prior years. you can get a transcript (form 4506-T) or copy of the return (form 4506) for a fee) from the IRS. Transcripts are available online if you are registered or register. https://www.irs.gov/individuals/get-transcript

abbyduplechan

My parents can claim me but they dont have that form either. This is the only thing that is keeping me from filing my return. Cant get past it.

melansara88

I don't have the greatest understanding of math, and the math they do show doesn't really click for me. I'm just trying to calculate my over time permium

jalilutanko03

DavidD66

For the 2025 tax year, repayment of an excess Premium Tax Credit (PTC) is capped for households with income under 400% of the Federal Poverty Level (FPL). Maximum repayments are $375–$1,625 for singl...

For the 2025 tax year, repayment of an excess Premium Tax Credit (PTC) is capped for households with income under 400% of the Federal Poverty Level (FPL). Maximum repayments are $375–$1,625 for single taxpayers and $750–$3,250 for families, depending on income. There are no caps if income is at or above 400% of FPL. For 2025, the Federal Poverty Level (FPL) for an individual in the 48 contiguous states and the District of Columbia is $15,650. There are no caps on repayment for 2026.

mariedhaine

arose13

Hello, If the job does not offer health insurance, only a critical illness, hospital indemnity, is there a qualifying exemption available?

livazhang00

Mike9241

the birth date you entered is probably wrong unless you were born on 1/1/xxxx then the IRS considers your birthday to be on 12/31 of the previous year.

Mike9241

Your business is evidently an S-Corp Form 1120S, but you're trying to do a partnership return Form 1065. These are completely different types of entities requiring the filing of completely different ...

Your business is evidently an S-Corp Form 1120S, but you're trying to do a partnership return Form 1065. These are completely different types of entities requiring the filing of completely different tax forms. You are an S-Corp if you filed Form 2553 and the IRS approved it. Otherwise, you're a partnership unless you want to try to make a late S-corp election. If your S-Corp has been approved, delete the 1065 and start over. There is no way to transfer the 1065 data to a 1120S. By the way, the filing deadline without an extension for a calendar-year S-Corp is 3/15, not 4/15. If you didn't file a proper extension, the IRS will probably send you a penalty notice for late filing. If this is the first return, you can request abatement of the penalty.

trloyer

dianthus

Turbotax is giving me a senior tax credit of $6000 for TY 2025, but I was not yet 65 in 2025. How do I remove this?

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How do I know my tax basis from final K-1?

Can someone help me confirm that depreciation recapture on the sale of a rental property is being computed in Turbotax? I see no evidence that it is.

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California Health Insurance

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Re: Senior tax credit added to my return but I did not turn 65 in 2025!

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Senior tax credit added to my return but I did not turn 65 in 2025!

Do you have a TurboTax Online account?

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