All Posts

@macey.karr , agreeing with the excellent / complete answers by my colleagues @Bsch4477  and @Hal_Al , just like to draw attention to the assumption here  that this housing is in the USA and not abroad  and that the  short time is less than a year.

@TMM322 , thank you for your response ---  (a) why are you using "Bonafide Resident" ?  This generally requires  IRS  approval and of course means you have declared yourself as a resident of the country.  Most expats  ( including myself back in the late eighties and nineties) stick to  Physical Presence Test  ( i.e.  you file  once you have met the 330 days away from the US in a 12 month test period).  I will circle  back if need be based on your answer (b) Since we are volunteers ( and no financial or otherwise connection to Intuit and its holdings), we appreciate / love  "Cheers/Kudos " or "Accepted" -- generally a sign that we are indeed helping others in  preparing correct  returns. Of course  if we do not reach that level of satisfaction, then you need to tell us what we can do more to deserve that accolade.   pk

You can't just edit Form 8960. Almost everything on Form 8960 comes from somewhere else. Let's start by clarifying precisely what you mean by "My capital gains is not included in my form 8960." Are you saying that you do have Form 8960 in your tax return, but it does not include your capital gain? Is there an amount (other than zero) on your Form 1040 line 7? If not, what capital gain do you have that you think should be included on Form 8960? If you do have an amount on Form 1040 line 7, does the amount from Form 1040 line 7 appear on Form 8960 line 5a? If so, then your capital gain is included. Why do you say it's not included? If the amount from Form 1040 line 7 is not on Form 8960 line 5a, what is on Form 8960 lines 5a, 5b, 5c, and 5d? I assume that you are using the desktop TurboTax software. Is that correct? Make sure three are no overrides anywhere in your tax return. An override can cause the TurboTax calculations to break in unexpected ways, even if the override is in a place that you think has nothing to do with the problem. Occasionally people create an override accidentally by pressing Ctrl-D without realizing it. If an entry has been overridden, the value will be displayed in red instead of black in forms mode.  

@thisblows    Find a reputable EA, CPA, or qualified tax professional in your area.    My opinion (and I have been there and dealt with this sceanrio previously) is that the best approach is to file a 1041 and let the estate pay any tax due for the year in question (2023, presumably).   You should note, and inform your tax professional, that the estate was in probate for an extended length of time and that costs were incurred and NOTE that ALL of those costs are deductible on the 1041.   Note also, that the estate might incur a late filing penalty plus interest BUT those charges plus the tax due could be totally, or in large part, offset by the estate's $600 exemption and the deduction for probate costs (plus any other related deductions).   Finally, note that in order for the dividends to be IRD, and taxable to whoever received them, they would have had to have been includible in the decedent's final return. If the dividends were received (not just the tax reporting form) after the decedent passed, then that income would be includible in the estate's income and potentially reportable on Form 1041.

@Bsch4477 wrote: If you are self employed and the computer is generally accepted as something used in your business you don’t have to prove anything.  I think it would be very rare for the IRS--even if they audit you--to ask to see the tablet and look for apps like Netflix or Hulu or mobile games.   (The IRS does sometimes do full compliance audits where they ask to see every piece of paper and account for every dollar in your bank account, but these are extremely uncommon, and they are used to build up a statistical picture of how compliant the US is as a whole, rather than an enforcement action on an individual.)    

Your question was "Do I owe taxes?" What Bsch4477 and fanfare are telling you is that the answer is No. You do not owe tax on your crypto trading because you have a net capital loss for the year. You didn't say whether you have any other income besides crypto trading. If so, you might owe tax on the other income, besides capital gains and losses. You cannot claim the entire capital loss in one year. Only $3,000 of the capital loss can be used to offset other income. The rest of the capital loss is carried over to future years. So if you have more than $3,000 of other income you might still owe tax on the other income.  

@user17556129293 Did you e-file your 2023 return?   Did you e-file?   Did you go through all three steps of the FILE section and click a big orange button that said “Transmit my returns now?”     When you e-file your return you will get two emails from TurboTax.  The first one will say your return has been transmitted; the second one will tell you the IRS has accepted  or rejected your federal e-file.  If you filed a state return, there will be a third email (usually a day or two later) that tells you if the state e-file was accepted or rejected.   Check your e-file status:   https://turbotax.intuit.com/tax-tools/efile-status-lookup/    What does it say in your account?  Does it show that the return was accepted?   Or does it say something else---like "rejected," "printed," or "ready to mail?”   If you discover or realize that your e-file was rejected, you will need to print it, sign and date it in ink, and file it by mail now, since e-filing is closed for returns for tax year 2023.   Your only proof that you paid your 2023 tax due will be your own bank or credit card records.  TurboTax never knows how, when or even if you paid the IRS (or your state).   The IRS does not share any information with TT after you file your tax return.      

TY 2023 - TurboTax Deluxe The IRS says I did not file a 2023 return. I looked at my 2023 TurboTax InfoWks 1040/1040SR Worksheet and on page 8 it says Filing Address Information You have chosen to electronically file this return.   However, when I look at the 2023 TurboTax Deluxe main menu - File and then Electronic Filing - Status - It says I have not e-filed any of my returns.   What screen is correct and what is wrong.  How can I verify if TurboTax successfully e-filed my return.

You will have to contact TurboTax support for assistance with this problem. Use the key words Billing Issue See this TurboTax support FAQ for contacting support - https://ttlc.intuit.com/turbotax-support/en-us/help-article/account-management/turbotax-phone-number/L0Od33nMQ_US_en_US?uid=lfgviwbm

@thisblows  I'm not qualified to state whether a 1041 should have been filed in 2023.  If a 1041 was filed in 2023, then it needs to be amended for this extra $2900, and the amended K-1s will be sent to each heir, who will need to amend their 2023 personal tax returns to account for the money.  (I presume the heirs already have the money itself, you just didn't know there was a 1099 to go with it.)   If a 1041 was not filed, then I think @fanfare is probably on  the right track that you can report this as "income in respect of a decedent."  This still means that each heir who got a share of this money must report it on an amended 2023 tax return.  Since this is a 1099-INT, I assume the entire $2900 is taxable interest, and the principal was already distributed at some point.  If this was a long-term interest bearing account, then interest that accrued (but was not paid) prior to their deaths might be reportable on their 2020 tax return, and only interest that accrued after their death is reportable by you, but reopening the 2020 return is another can of worms you might not want to open, and the simplest thing to do is for each heir who got a share of the estate to report the same percentage of the $2900 as income in respect of a decedent on their 2023 tax returns. 

I concur with Bsch4477's answer, it is most likely not taxable for the reason's stated.   But, the bottom line may be how your employer handles it at W-2 time. If they do not include the value of the housing in box 1 of your W-2 (and they most likely won't), the housing value is not taxable to you.    Q. Is this  nontaxable fringe benefits per Pub FB-15? A. Maybe, depending on other details. More likely,  this is the employer directly paying out of town business expenses.  Either way, it should not be taxable to you. 

You are required to file using either married filing jointly or married filing separately.   Yes, you can amend, the instructions are here. https://ttlc.intuit.com/turbotax-support/en-us/help-article/tax-return/amend-change-correct-return-already-filed/L4VjJ9BA2_US_en_US   If you file jointly, you must declare and pay tax on all your combined worldwide income.  If your spouse is overseas and earns income overseas, this may mean paying tax on the same money twice, although there is an offsetting deduction.  Depending on where your spouse lives, what their income is, and if they also pay taxes overseas, you may want to file married filing separately or jointly.  It depends on your exact situation and there is no one size fits all answer.