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2 weeks ago
Clickable URL: https://deductibleduck.com
2 weeks ago
Too late to download your data from ItsDeductible but you can use one of the alternatives going forward. One is Deductible Duck - https://deductibleduck.com - and there are others if you do a se...
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Too late to download your data from ItsDeductible but you can use one of the alternatives going forward. One is Deductible Duck - https://deductibleduck.com - and there are others if you do a search.
2 weeks ago
See the NJ Resident Return 1040 Instructions booklet for Line 20a and refer to the Types of Retirement Plans. A TSP is similar to a 401(k) so you would want to follow those procedures. Any earni...
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See the NJ Resident Return 1040 Instructions booklet for Line 20a and refer to the Types of Retirement Plans. A TSP is similar to a 401(k) so you would want to follow those procedures. Any earnings in the account above the amount contributed will be taxable income. @agayed
2 weeks ago
2 Cheers
Hey everyone, if you're like me and were looking for a replacement for ItsDeductible, I found a great one: DeductibleDuck.com. I was able to take all my data from ItsDeductible and import it directl...
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Hey everyone, if you're like me and were looking for a replacement for ItsDeductible, I found a great one: DeductibleDuck.com. I was able to take all my data from ItsDeductible and import it directly into DeductibleDuck.com without any problems. It was a huge relief! Just a heads-up, there is a small fee if you have over $5,000 in deductions, but honestly, I would have happily paid TurboTax for the same function all these years. It works perfectly for tracking everything. Hope this helps someone!
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2 weeks ago
1 Cheer
In addition, note that although depreciation recapture is taxed at the taxpayer's marginal rate, it is capped at 25%.
2 weeks ago
1 Cheer
I generally agree but some companies are involved in more than one and it's only natural to concentrate on those that are generating the most revenue and profit. In Intuit's case, that is NOT Tu...
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I generally agree but some companies are involved in more than one and it's only natural to concentrate on those that are generating the most revenue and profit. In Intuit's case, that is NOT TurboTax.
2 weeks ago
Are you certain you chose to download the Windows version as opposed to the Mac version?
2 weeks ago
2 Cheers
We have a difference of opinion; business is business no matter what form it takes or what's being sold!
2 weeks ago
3 Cheers
If Intuit does not work on windows 10, I will be leaving TT after using for some 25 years +-.
2 weeks ago
@adityain2003 , Namaste ji. Thought I recognized your name.
In that case please use a W-8-BEN to report your foreign status to the brokerage ( assuming that this is a US brokerage).
Please cons...
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@adityain2003 , Namaste ji. Thought I recognized your name.
In that case please use a W-8-BEN to report your foreign status to the brokerage ( assuming that this is a US brokerage).
Please consider / consult with a tax professional about disposition steps before you leave the USA , else you may have to consider filing 1040-NR on US source income ( during disposal of investment post departure). Unless you plan to come back after a 2 year hiatus.
Is there more I can do for you ? You can always PM me so as to limit prying eyes on this public board -- even after you leave the US.
Namaste ji
pk
2 weeks ago
2 Cheers
@Cavachon1 ,
In general, rented/income property gets a basis reduction by accumulated allowable depreciation ( whether recognized or not). Depending on your other income , rental income. rental e...
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@Cavachon1 ,
In general, rented/income property gets a basis reduction by accumulated allowable depreciation ( whether recognized or not). Depending on your other income , rental income. rental expenses etc. you may also have suspended losses. In your computation of gain all these factors will play a role.
This gain will then be divided into two categories --- that portion due to accumulated depreciation will be treated as Ordinary income and taxed at your marginal rate ( Re-capture ); the rest of the gain is treated as capital gain and given capital treatment. Thus the disposition of mixed use property will generally be taxed partly as ordinary gain and partly as capital gain -- priority being ordinary gain ( as re-capture).
Does this make sense ? Is there more I can do for you ?
2 weeks ago
Hello PK ji, nice to hear from you once again. I entered the US in Aug-2024 and I am a non-resident alien. The investement account was opened in 2022 and the position is from the same year- 2...
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Hello PK ji, nice to hear from you once again. I entered the US in Aug-2024 and I am a non-resident alien. The investement account was opened in 2022 and the position is from the same year- 2022. This is the first time that I have been asked to recertify the W8 form. I dont intend to stay beyond Aug-2026 i.e. the two year period Thank you!
2 weeks ago
@adityain2003 ,
(a) are you saying you entered the USA with J-1 sometime in 2023 or 2024 ?
(b) Was this your first entry/stay in the US in the last three years i.e. through 2020 --- this is for ...
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@adityain2003 ,
(a) are you saying you entered the USA with J-1 sometime in 2023 or 2024 ?
(b) Was this your first entry/stay in the US in the last three years i.e. through 2020 --- this is for determining if you are NRA or Resident for the tax year 2025 ( I am assuming you are talking about current calendar year)
(c) When did you open your investment account and did you use W-8-BEN or what ?
(d) Since there is a two year J tax benefit limitation, did you plan to stay in the USA past 2025 or what? I am assuming here that your J visa is for teacher/researcher category and not student/trainee.
I will circle back once I hear from you --yes ?
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?