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I bought and live in my home in 2011. Converted to rental when I moved out in 2021. Rental ended in June 2024. I prep'ed the house and sold it in Aug 2024 for a gain.   Depreciation was based on the original house purchase adjusted basis and not FMV at the time of conversion.   How do I report the sale. I do qualify for 500K exclusion.    A. Should I report rental under rental section? Sale under personal. B. Rental and Sale both under Rental section? But then how do I claim the exclusion C. Rental. While reporting Sale under rental section, it asks for Sale price for Business portion only. Is that 12.5 % of sale price in my case?  20 months of rental period over 160 months of ownership = 12.5%. The remaining Sale price and basis - should that be now reported in Personal. That is so strange.  None of my forms would match 1099 S value.    Option A is so much simpler.  But HELP I want to do the right thing. This is on TT Desktop.

I received a section 179 pass thru from my SubS on my K-1 line 11 but I have two issues with it. One is that the full amount received is limited by my basis in the SubS. The other is that I wish to defer my use of any section 179 until a future tax year. I need help reporting this properly on my 1040 return using Turbotax Premiere 2024.   What I have so far is the following on form 4562: line 6 automatically pulled the total amount of sec 179 from the K-1. line 7 is blank line 8 and 9 equal line 6 line 10 shows the sec 179 carryover from last year which I entered in the sec 179 section of the K-1 additional info worksheet line 11 calculates a value for the "Business Income Limitation". I don't know how this was calculated but the value shown isn't constraining so I'm not sure it's important. line 12 originally had nothing in it. So, back before I decided to defer the sec 179 deduction, I simply added line 9 and 10 together like the form says and stuck the sum into this field using the override function. line 13 is blank The only value I'm currently able to change is line 10 via the K-1 supplemental form. Otherwise, I can't or don't know how to change any of the other values, even line 12 which contains my override input. The form doesn't allow me to override it again nor cancel the override. All options are greyed out in the function window when I right click the field for line 12 except the "about line 12" function at the bottom. This makes me think the form is corrupted but I'm not sure.   I realize now when writing this help request perhaps, since even the full sec 179 write-off falls below the value shown on line 11 that I might disregard the form. The problem is that line 12 is red and the error check doesn't like it and I can't change it. Perhaps, I should just delete the form from my return. Schedule E pg 2 looks good.   Thanks for reading! What do you suggest?

TurboTax support in the article How do I prepare a joint federal return and separate state returns explains how to file a federal return as MFJ while filing state returns as MFS. After following those instructions, I still have three questions:   1. Allocating worldwide income to each spouse’s California MFS return Normally the worldwide AGI from federal Form 1040 flows to California Form 540NR Line 13, then to Line 19 (after modifications), and eventually to Line 36 (California tax rate calculation). This means higher worldwide AGI on 1040 will trigger higher tax rate applied to California-sourced income.   Are the instructions really suggesting that I should on 540NR Line 13 use AGI from the mock federal MFS return (created by deleting the other spouse’s separate income)? Wouldn't this trigger immediate mismatch with the actually filed federal tax return? Or, should worldwide income be allocated to state returns differently—for example, by using Form 8958, which TurboTax actually asked me to complete when I created mock federal MFS return from MFJ return?     2. Federal return to attach to 540NR When mailing my California MFS return to the FTB, which federal return should be attached to 540NR: the mock federal MFS return, the authentic federal MFJ return, or both?   3. California 540NR filing-status checkbox On Form 540NR there’s a box "if your California filing status is different from your federal filing status, check the box here". While the instructions don’t mention it directly, I assume this must be checked in my case. However, TurboTax won’t keep the box marked even in Forms mode. Should I manually check it with a pen after printing the return? Additional info: This is for 2024 tax return under extension. Both of us are Texas residents (a community property state). However, we have a proper separate property (and income) agreement. Only one of us have California sourced income.

Hello, so i am a PA resident who previously worked in MD. The first year i worked in MD i filed MD taxes by accident cause i was young and didnt know any better and Turbotax said i should, so i did. Later i found out i am not supposed to pay md taxes as a pa resident even if i work in the state. The next year i filed exempt and thought i was all good. Not MD has sent me a letter stating i owe a backlog of taxes from 2024 with extra charges. The instant message funtion on here didnt give me a solid answer on what to do or how to file to make sure i am exempt from paying these taxes. If anyone has a helpful suggestion i would greatly appreciate it.