All Posts

To report the sale of your inherited property, while logged in to your return:   Click on the Search icon and type in "Sold Second Home" Click on the link "Jump to sold second home" Answer Yes on the "Did you have investment income in 2025?" screen, then Continue If you land on the "Your investments and savings screen, select Add Investments  Follow the instructions. You need to report the amount on the 1099-S as the proceeds, then report the difference in what your received and the 1099-S amount as selling expenses.  The cost basis is the value of the property on day the decedent pass away.  If the date of death and date of the sale are close together, the cost basis and proceeds may very well be the same amount.   

TurboTax Online: Important Details about Filing Simple Form 1040 Returns If you have a simple Form 1040 return only (no forms or schedules except as needed to claim the Earned Income Tax Credit, Child Tax Credit or student loan interest), you can file for free yourself with TurboTax Free Edition, or you can file with TurboTax Live Assisted Basic at the listed price. Roughly 37% of taxpayers are eligible. Examples of situations included in a simple Form 1040 return (assuming no added tax complexity): W-2 income Interest, dividends or original issue discounts (1099-INT/1099-DIV/1099-OID) that don’t require filing a Schedule B IRS standard deduction Earned Income Tax Credit (EITC) Child Tax Credit (CTC) Student loan interest deduction Taxable qualified retirement plan distributions   Examples of situations not included in a simple Form 1040 return: Itemized deductions claimed on Schedule A, like charitable contributions, medical expenses, mortgage interest and state and local tax deductions Unemployment income reported on a 1099-G Business or 1099-NEC income (often reported by those who are self-employed, gig workers or freelancers) Stock sales (including crypto investments) Income from rental property or property sales Credits, deductions and income reported on other forms or schedules        How can I see my TurboTax  fees?  https://ttlc.intuit.com/turbotax-support/en-us/help-article/intuit-account-billing/review-fees-turbotax-online/L1XnIzgzg_US_en_US?uid=m682vq7k   If your TurboTax fees are higher than expected, you can reduce them by removing add-ons     (BEFORE you e-file) :   Remove Premium Services Remove MAX Defend & Restore Remove a state Remove PLUS Help & Support Remove Pay With Your Refund     Or—-Use this IRS site for other ways to file for free.  There are 8  free software versions available from the IRS Free File site   https://apps.irs.gov/app/freeFile/       No one in the user forum can resolve a billing issue.  If you have a question about your TurboTax fees or billing, make sure you use the word “billing” in your request for help.  Do not use the word “refund.”   https://ttlc.intuit.com/turbotax-support/en-us/help-article/account-management/contact-turbotax/L2y9ZKpQB_US_en_US?uid=m5s9l2vh  

 In TurboTax Online, enter the IRS form 1099-MISC receipts to a rental activity by following these steps:     Down the left side of the screen, click on Federal. Down the left side of the screen, click on Wages & income. Scroll down to Rentals, Royalties, and Farm.  Click down arrow to the right. Select Start / Revisit to the right of Rental Properties and Royalties. At the screen Your 2025 rentals and royalties summary, click the pencil icon to the right of the rental. At the screen Here's rental property info, click Add income. At the screen Select your type of income, select Form 1099-MISC. Rental property income is reported on Schedule E Supplemental Income and Loss.  See also this TurboTax Help.   

TurboTax may show $0 for your 2025 HSA contributions if your contributions were made via payroll deduction (Code W on Form W-2). These are pre-tax and are excluded from you  income rather than deducted on your tax return.    It could also be because you did not select the proper High Deductible Health Plan (HDHP) coverage type, having non-HDHP insurance, or being enrolled in Medicare. In order to be eligible to contribute to a Health Savings Account (HSA), you must be covered under an HSA-qualified High-Deductible Health Plan (HDHP).    Having non-HDHP coverage (like a standard HMO/PPO or FSA) or Medicare makes you ineligible to contribute to an HSA. You must also not indicate you can be claimed as a dependent on another tax return.   Please return to Community if you have any additional information or questions and we would be happy to help.

After review of your return I discover that the prior depreciation has been changed, which may mean that you actually had some years where the rental use was 100%, it's not clear.  Thank you for providing your token.   If I leave the calculated prior depreciation (accumulated total prior to 2025), then the total depreciation for 2025 is what is expected, however if I change it to the amount you indicated as the accumulated depreciation (higher than TurboTax calculates it) then the depreciation for the current year is the amount you show in your screen images.  The system is calculating in the background to account for the excess of depreciation in prior years with the limited knowledge you enter. Calculations can only take place based on the information provided. This is the reason TurboTax creates a difference between regular and alternative minimum tax (AMT) depreciation figures.   If the prior accumulated depreciation is correct, then you should leave the lower amount calculated for 2025. Continue to keep all of your prior depreciation records so that you are prepared when and if you should sell this building.   Some questions are not answered in the Step-by-Step, however it is not causing the figures you see. For example if you go to the Property Profile, this is where you enter the passive activity loss (PAL) carryover from Form 8582 for last year.   I notice that qualified business income is selected for your property.  Here is information regarding that so you are clear it does apply to you.   Generally, a rental property does not carry the time requirements to be considered as eligible for the qualified business income deduction (QBID). Can I get QBID for rental property income? Generally, this means each rental real estate enterprise (a rental property or group of similar rental properties, including K-1 rental income) must satisfy these three requirements: Each enterprise maintains its own books and records to track income and expenses. An enterprise that has existed less than four years performs at least 250 hours of rental services per year. For an enterprise in existence for four years or more, this test needs to be met for any three of the five consecutive taxable years ending with the taxable year. (Starting with tax year 2019) Contemporaneous records of services performed are kept which includes who performed the service, description of service, the date of the service, and how long it took (who, what, when, and how long). @dbarboro 

Form 8949 is created based on the entries from Form 1099-B (Or Form 1099-DA). To create form 8949 in TurboTax, import your Form 1099-B/DA following these steps:   Click on Wages & Income Scroll down to Investments and Savings and click down arrow Select Stock, Crypto...(1099-B...) Select Add investments  Next, you can search for your provider by name to import directly from your financial institution, or Enter a different way If you selected Enter a different way, you will have the option to upload your document from your device, or snap a photo   If the import feature in TurboTax is not working properly for you. The easiest way to input this information is to sort it by summarizing the sales section totals instead of entering each trade.   To do this, separate the section totals into their respective categories based on your 1099-B, for example:   Short-Term Covered: (Box A) Basis was reported to the IRS Short-Term Non-Covered: (Box B) Basis was NOT reported to the IRS Long-Term Covered: (Box D) Basis was reported to the IRS Long-Term Non-Covered: (Box E) Basis was NOT reported to the IRS   You only need to make one entry for each category that has totals. For example, if you only have have Box A and Box D transactions, you only make 2 entries.    Click on Wages & Income Select Add more income Scroll down to Investments and Savings and click down arrow Select Stock, Crypto...(1099-B...) Select Add investments, Add a different way Select Stock, Bonds, Mutual Funds (1099-B) Enter brokerage information, then Continue In the "Tell us about the sales..." section, answer those questions, then Continue In the "Now choose how to enter your sales", select Sales section totals, Continue Enter the Total Proceeds and Total Cost Basis for your first category Note: If you need to adjust the basis, click on the box below the sales section, I need to adjust my total cost basis Repeat for any other categories (Boxes B, D or E) that appear on your statement   Because you are summarizing, the IRS requires the specific transaction details. After you e-file, TurboTax will generate Form 8453. You must mail this form to the IRS along with a copy of your 1099-B within 3 business days after your return is accepted.

Yes, she can make quarterly estimated tax payments and you don't need to file a separate return. Quarterly payments are just estimated tax payments made under your joint return, not separate filings. In TurboTax Home & Business, go to Other Tax Situations → Estimated Taxes to calculate and print vouchers, or pay online directly to the IRS.