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2 weeks ago
@fege ,
generally, if the situation is that (a) at least one has met the ownership requirement, (b) only one meets the 730 days of usage ( with a look back period of five years from the date of...
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@fege ,
generally, if the situation is that (a) at least one has met the ownership requirement, (b) only one meets the 730 days of usage ( with a look back period of five years from the date of sale closing), and (c) you have not used this gain exclusion in the last 2 years, ONLY that person that meets all the requirement can exclude up to $250,000 of capital gain from taxation. Note that if the prop. under consideration was used a income property anytime during ownership, then the allowable accumulated depreciation must be recognized as a reduction to basis and any due to this must first be considered as ordinary gain ( re-capture), the rest of the gain is capital gain and eligible for exclusion treatment.
Based on facts and circumstances , there may be other "ands", "ifs" and "buts" applicable.
Is there more I can do for you ?
2 weeks ago
we are all terribly disappointed that TurboTax decided not to continue with its deductible. It has been so helpful when preparing my taxes. I researched and found a new program called Deductible Duck...
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we are all terribly disappointed that TurboTax decided not to continue with its deductible. It has been so helpful when preparing my taxes. I researched and found a new program called Deductible Duck. I believe it’s too late to download your data from its deductible straight into Duck Deductible yeah that , but it is a system similar. It’s deductible that you can keep track of your charitable contributions I strongly suggest you give it a try. Here is a link to the product. I have found it very helpful
2 weeks ago
Thank You!
2 weeks ago
Hi, My spouse and I sold a home with about $80K in capital gains. We’re married, filing jointly, and both on the title. However, only one of us lived in the home for at least two of the past five ye...
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Hi, My spouse and I sold a home with about $80K in capital gains. We’re married, filing jointly, and both on the title. However, only one of us lived in the home for at least two of the past five years (the other spouse does not meet the residence test). I know we can't get $500K exclusion but I am wondering if we can apply the 250K exclusion to both of our shares of ownership OR can we only exclude half the gain ($40K) for the spouse who qualifies, and the other half is taxable? Thanks!
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2 weeks ago
I upgraded to Windows 11 a few weeks ago and just tried to download TT. My screen says after I enter my License Code: "Which operating system do you use? PC/Windows (Not supported) Mac". I can only s...
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I upgraded to Windows 11 a few weeks ago and just tried to download TT. My screen says after I enter my License Code: "Which operating system do you use? PC/Windows (Not supported) Mac". I can only select Mac even though it's a Windows download/purchase. It doesn't make sense. Please help!!!
2 weeks ago
Worked perfectly. Thank you.
2 weeks ago
I downloaded product in Singapore, using my Singapore address and phone number. How do I get a license without a US address?
2 weeks ago
if you sell a home that you’ve lived in for at least two out of the last five years that was also partially and intermittently rented over several years, when you sell it, do you have to pay only dep...
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if you sell a home that you’ve lived in for at least two out of the last five years that was also partially and intermittently rented over several years, when you sell it, do you have to pay only depreciation recapture or do you have to also pay capital gains for the time you were receiving rental income?
2 weeks ago
I accidentally connect my Credit Karma and Intuit accounts. How do I cancel that and have them unlinked? It says to use number in email confirming connection but there is none.
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2 weeks ago
The IRS does lump all Roth IRAs together and treat them as a single account for the purpose of withdrawal ordering rules. You cannot choose to withdraw only from a specific account; all your Roth IR...
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The IRS does lump all Roth IRAs together and treat them as a single account for the purpose of withdrawal ordering rules. You cannot choose to withdraw only from a specific account; all your Roth IRAs are aggregated. The IRS mandates a specific order in which funds are considered to be withdrawn, which applies across all your Roth IRA accounts: Direct Contributions: Your own direct contributions to any Roth IRA are always considered to come out first. These can be withdrawn at any time, tax-free and penalty-free. Conversions and Rollovers: Next come amounts from conversions and rollovers (such as from a traditional 401(k) or IRA). These are tracked as separate "pots" or layers, each potentially subject to its own 5-year clock for penalty-free withdrawal of the principal amount. Earnings: Finally, earnings on all contributions and conversions are considered to be withdrawn. Earnings are tax-free and penalty-free only if the distribution is a "qualified distribution" (generally after age 59½ and after the main 5-year earnings-tracking rule is met). Even if you maintain separate physical accounts to simplify record-keeping for your own tracking purposes (which is a common strategy), the IRS views the money across all accounts as one pool and the mandated withdrawal order must be followed for tax reporting.
2 weeks ago
During the year I typically get several class action settlements regarding stocks that I own. I always declare those amount as taxable. This year I rec'd a settlement of $150 regarding a hack of a do...
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During the year I typically get several class action settlements regarding stocks that I own. I always declare those amount as taxable. This year I rec'd a settlement of $150 regarding a hack of a doctor's office customer data base. The remittance advise made no statement one way or another if this was a taxable event. So, is this a taxable event for me? I look forward to anyone's comments. Thanks
2 weeks ago
The FAQ at the bottom of this posting will tell you how to get to the Michigan "Where's My Refund" lookup tool, and if necessary, how to contact the Michigan Dept. of Treasury. However, the Michiga...
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The FAQ at the bottom of this posting will tell you how to get to the Michigan "Where's My Refund" lookup tool, and if necessary, how to contact the Michigan Dept. of Treasury. However, the Michigan Dept. of Treasury website currently says: "Temporary Service Limitations for Individual Income Tax Systems From October 16 to November 12, individual income tax systems have limited functionality as we undergo final preparations to launch a new and improved system. Treasury staff are unable to process returns or make account adjustments during this time." and "Refund processing is currently impacted by system upgrade initiatives. For both e-filed and mailed returns, please allow 10 weeks before checking your refund status by phone or online." However, there are some additional things you need to check. First, you need to be sure your state return was successfully filed. If you efiled, be sure your efiled state return was accepted. If you used Online TurboTax, you can check by looking at the Tax Home in your Online account. Or did you choose to file by mail instead? TurboTax does not mail it for you. If you chose that method, you have to print, sign, date, and mail it. FAQ: How do I track my Michigan state refund? https://ttlc.intuit.com/oicms/L5VlbOtDE_US_en_US
2 weeks ago
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2 weeks ago
(2024) I EFiled 2 S-Corp and one of them on the E-Signature page I cannot find how to replace the ESign with the correct form (I didn;t print a PDF and Esign then attach, and in Tubotax for Business ...
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(2024) I EFiled 2 S-Corp and one of them on the E-Signature page I cannot find how to replace the ESign with the correct form (I didn;t print a PDF and Esign then attach, and in Tubotax for Business I cannot delete or find in forms) - anyways, I think that messed things up on my 1040 - which the IRS originally showed as received, with my refund amount, for over 2 weeks. I didnt go back online a while... A few weeks later I go in (after the shutdown) and it now shows my 1040 as not received and past due. WTH?? In Turbotax is still says "Accepted" Even if a form may be improper the Accepted Filing Date is the Date of filing so they can't tag me with late filing fees right? And how can I delete my signature page from forms attached in Turbotax for Business??? I can't find it to delete it and or replace it with the correct form!!!!
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2 weeks ago
But if I want a small tax reduction, this means I have to file amended 2022, 2023 and 2024 tax returns? Is there anyway I can just report this loss on 2024 tax return?
2 weeks ago
And you may have to switch to the Desktop download program to fix it. Or maybe you don't need to even file a return. Did you get a W2 or 1099 for work? You don't have to file if you only have W2 ...
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And you may have to switch to the Desktop download program to fix it. Or maybe you don't need to even file a return. Did you get a W2 or 1099 for work? You don't have to file if you only have W2 income under 14,600 but you can file to get back any withholding taken out in boxes 2 or 17. But you don't get boxes 4 or 6 back. If you got a 1099Misc or 1099NEC you have to file it as self employment income no matter how small the amount. How to finish a return you started online https://ttlc.intuit.com/community/prior-year-return/help/how-do-i-finish-a-prior-year-return-that-i-started-in-turbotax-online/01/26322
2 weeks ago
You are not compelled to report a loss.
2 weeks ago
i agree as to short-term rentals if they meet the criteria but aren't they supposed to be reported on schedule C?
2 weeks ago
CO-OWNING A HOME
https://ttlc.intuit.com/turbotax-support/en-us/help-article/tax-credits-deductions/deduct-mortgage-interest-co-owned-home/L6yLU1kKI_US_en_US?uid=lrv7xcw2
https://turb...
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CO-OWNING A HOME
https://ttlc.intuit.com/turbotax-support/en-us/help-article/tax-credits-deductions/deduct-mortgage-interest-co-owned-home/L6yLU1kKI_US_en_US?uid=lrv7xcw2
https://turbotax.intuit.com/tax-tips/home-ownership/buying-your-first-home/L5QxJLcQT
https://ttlc.intuit.com/turbotax-support/en-us/help-article/tax-credits-deductions/bought-house-deduct/L4X2xnsdz_US_en_US?uid=m6cuvbpg
Go to Federal> Deductions and Credits> Your Home to enter mortgage interest, property taxes, and mortgage insurance that you paid in 2025 You should have a 1098 from your mortgage lender that shows this information. Lenders send these in January/early February or you may be able to import the 1098 from the lender’s website.
Home Ownership
There is not a first time home buyers credit on a Federal return. That ended in 2010. If your state has such as credit, you will be able to enter it when you prepare your state return.
Buying a home is not a guarantee of a big refund. Your deductions for homeownership combined with your other deductions (if any) must exceed your standard deduction to change your tax due or refund. If you purchased your home late in the year, you do not even have a full year of home ownership deductions.
Your closing costs on your new home are not deductible except for prepaid interest, prepaid property tax or loan origination fees. There are no deductions for appraisal, inspections, title searches, settlement fees. etc.
Your down payment is not deductible.
Your homeowners insurance for fire, hazard, flood, etc. is not deductible for your own home.
Home improvements, repairs, maintenance, etc. for your own home are not deductible. (With possible exceptions for certain energy credits) (BUT——do make sure you keep careful written records/invoices, etc. of any improvements you make to the home for someday when you sell it.)
Homeowners Association (HOA) fees for your own home are not deductible.
HOMEOWNERSHIP DEDUCTIONS
It is very hard for a lot of people to use itemized deductions now that the standard deduction is so much higher. Your home ownership may not have any effect on your tax due or refund, especially if you purchased the house late in the year.
Standard Deduction
Your itemized deductions have to be more than your standard deduction before you will see a change in your tax owed or tax refund. The deductions you enter do not necessarily count “dollar for dollar;” many of them are subject to meeting tough thresholds—medical expenses, for example, must meet a threshold that is pretty hard to reach. The software program uses all the IRS rules that apply to the expenses you enter, and it tells you if you have enough to use your itemized deductions or if using the standard deduction is more advantageous for you.
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 above certain incomes.