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@brianagonzale2005s    Don't post personal information in this  PUBLIC forum!!!!!!!!   EDIT your post and take that DOWN   You have opened yourself up to a slew of SCAM emails claiming to be from TurboTax, but instead are from criminals.

@RosaleeMcS wrote: but disbursements paid to members are taxed on our personal taxes as income.    I figured somewhere in the program there was a place for return of personal capital investment but I can't find it.   No disbursement paid to members are NOT taxed.  Unless they are in excess of your Basis.  Whether or not you enter your capital contributions on the 1065 will not affect that (although if you have a Balance Sheet on Schedule L, I'm not sure how you've been able to avoid not entering your original investment/contribution).   Have the Partners been keeping track of their Basis?

Yes, you should indicate that you rented the property for the eight days before the sale. This is necessary to preserve the historical information from your prior tax returns. You're not required to report rental income (if the tenant didn't pay for those days) in order to proceed and report the sale.   TurboTax Desktop Premier has expanded interviews and specific On Demand Guidance in the program that you may find helpful in your situation. Otherwise, the desktop software versions all contain the same forms.

I'm trying to get to the community, but when i login with my intuit account  I get shoved off to questionaires about using TT online.  I do not want to get sucked into that, how do I just get to community to complain that the usual easy-to-use desktop version has this year stymied me  at the very beginning by not prompting for the same  1099s as always I  have every year even though it has the list of them but wants me to type in a name or find it in a list.   

Assuming you are not legally obligated to support your son, yes, it is taxable income.   A lot of people like the cost-sharing idea, but I've never seen any legal support for it.  But even *IF* the cost-sharing idea were true for a person that lives with you, it would NOT apply if they do not live with you.   I know you said that he pays less than Fair Market Value.  How much less?  For example, it is reasonable to have lower rent for someone that you know is a 'good' renter (like your son).  There have been court rulings that have allowed 80% of FMV as counting as close enough to FMV.   This next question may not be an easy question to answer, but is this a not-for-profit rental or is it a for-profit rental?  Even if expenses are greater than the rent, you also need to factor in that the house tends to increase in value.  After factoring in the increase in value of the home, but then counter-acted by long-term maintenance (roof, furnace driveway repaving, etc.) does the long-term outlook seem like this activity would reasonable result in a profit motive?   The answers to the FMV question and the for-profit question will determine how to report that income.

Like the new tax provision for tips, the new provision for overtime introduces a deduction for qualified overtime income up to $12,500 for tax years 2025 through 2028 and phases out for income above $150,000. While this deduction can lower your taxable income, it is not a dollar-for-dollar reduction of your taxes and the actual tax savings will depend on your tax rate.

We don't have access to your tax return, and I don't know where you saw that message. or exactly what it said.   With that said, a $1,000 deduction would be at least $10,000 in overtime. The deduction appears on the second page of your 1040 on line 13b. This may include other deductions. You can view your 1040 tax return and the supporting three schedules in the online version of TurboTax.   On the left menu, scroll down to Tax Tools. If necessary, click the side arrow and select Tools.  A box will appear in the middle of the screen. Select View Tax Summary. A tax summary will appear. On the left side menu bar select Preview My 1040. This will bring up a copy of your 1040 Tax return. If you continue to scroll down, Schedules 1,2 & 3 are available if they were required. Some key numbers on the form are: Taxable income is line 15 Total tax is line 24 Federal Income Tax withheld is line 25d Tax credits are listed on 27 - 30 If there was an underpayment, there may be a penalty Refund is posted to line 34 Amount you Owe is line 37  

Not directly.    Georgia Form 500 Schedule 1, Line 11 (Depreciation) is only used to adjust for differences between federal and Georgia depreciation rules. Georgia generally requires an addback of federal depreciation, and a subtraction of Georgia-computed depreciation when they differ. This is usually because of federal bonus depreciation differences.    If the property was depreciated using standard MACRS and no federal bonus depreciation or 179 was ever claimed on the property, there's typically nothing to adjust on Line 11, so it should be blank or zero.   The "depreciation" you see reflected in the sale reporting  isn't a new depreciation deduction. It's part of the basis and depreciation recapture calculation when you dispose of depreciated property.   

An estate return is not required if the income for the estate is less than $600, for federal purposes (Form 1041). If this is the case, then there is no purpose to open the estate.  You have the records, the death certificate and any necessary documents the bank needs.   Nominee Returns.  This is how the IRS knows what you are doing. Generally, if you receive a Form 1099 for amounts that actually belong to another person or entity, you are considered a nominee recipient. You must file a Form 1099 with the IRS (the same type of Form 1099 you received).  You must also furnish a Form 1099 to each of the other owners.    File the new Form 1099 with Form 1096 (this is a transmittal for the 1099) by mailing to the Internal Revenue Service Center for your area. (Provided on the Form 1096) On each new Form 1099, list the deceased or the estate as the payer and each beneficiary, as the recipient. On Form 1096, list the deceased or the estate as the nominee filer, not the original payer.  The nominee is responsible for filing the subsequent Forms 1099 to show the amount allocable to each beneficiary. The forms filed with the IRS should be the red copy so if you don't have a color printer, go to the IRS website and order the forms here:  Form 1096 Form 1099-INT Note that if a TurboTax Community user removes their account, any posts they made will appear as "Anonymous" and the actual posts are deleted. This is a Community rule.   @anastrophe 

I think I see how to get it to calculate correctly. I think I need to enter the capital investment for each member into the members area and then include the capital return in the distributions? Then turbotax should figure everything else correctly based on the disposal and regular income/expense info. If someone could confirm I'm on the right track, that would help.