All Posts
a week ago
@SB2013 , I am missing something -- may be you can help me here . I thought Washington State does not have any Personal Income Tax. So I am assuming that the only reason you would be filing a retu...
See more...
@SB2013 , I am missing something -- may be you can help me here . I thought Washington State does not have any Personal Income Tax. So I am assuming that the only reason you would be filing a return is to get WFTC ( Washington state's version of federal EITC ), if you are eligible. So my confusion is if your WFTC credit is zero, then why are you trying to file a Washington state return ? What am I missing here ?
Look forward to hearing from you --yes ?
a week ago
How do I know if my tax return went through with TurboTax
Topics:
a week ago
a week ago
@lixiang , No , I do not have any ref. relating specifically to co-owned props., except for married couple co-owning property jointly ( please see IRC section 121 ). The best I can/could do for jo...
See more...
@lixiang , No , I do not have any ref. relating specifically to co-owned props., except for married couple co-owning property jointly ( please see IRC section 121 ). The best I can/could do for jointly owned property is to create " conceptual" properties -- in your case two equal ones ( because of 50% ownership).
Is there more I can do for you ? If there are things that you do not want to discus in this open forum , you can always PM me --- just no Personally Identifiable Information.
a week ago
Certainly...don't attempt to file until you see/print your actual forms...and that the numbers make absolute sense. ___________________ If you are using the "Online" software, sue the left-side Too...
See more...
Certainly...don't attempt to file until you see/print your actual forms...and that the numbers make absolute sense. ___________________ If you are using the "Online" software, sue the left-side Tools menu to find the selection to preview your form 1040...then look at all the $$ amounts to see which are ridiculous...then go back to that particular income section to find your entry error. If you are using the "Desktop" software....switch to Forms Mode...to look at your 1040 to see if you can see which income area has a ridiculous number and then go investigate that area. _________________ Still can't tell? start thru all the income areas in the interview and check the totals for ALL your income types....one of them is screwy. Finally, if you uploaded any tax forms using a picture or PDF upload...delete that form entirely and re-enter it manually. The A.I. that interprets those Picture/PDF uploads is prone to some massive errors (and, my opinion, should never be used) Only direct imports of tax forms from provider are 98% accurate..Pictures are NOT.
a week ago
Hi, in the scenario noted above in subject: partial 1031 exchange (sold a 1031x rental property held for 4.5 years and bought two replacements but received a cash/mortgage boot), Questions: I have ...
See more...
Hi, in the scenario noted above in subject: partial 1031 exchange (sold a 1031x rental property held for 4.5 years and bought two replacements but received a cash/mortgage boot), Questions: I have filled out form 8824 and the boot amount is shown correctly, generating a tax liability on my 1040. However, I also have indicate the depreciation recapture for the relinquished rental property. I think there is an area on 8824 to do that, allowing a 25% tax liability for the depreciation? But if I input that information on the form 8824, don't I also have to reduce my cost basis for that sold rental property to get an accurate (updated) adjusted cost basis for the property? Will inputting twice double count the depreciation amount? Where should I properly input the depreciation recapture on the software? And how is that impacted by having a partial 1031x (as normally a full 1031x defers the gain and depreciation?) Also, how does form 4797 interface with that 1031x like-kind exchange information inputted on form 8824? Do I fill out BOTH 4797 AND 8824, and include the sales info, etc., on 4797, which will generate a gain on 4797, along with depreciation recapture, and populate my 1040 form, and if so, won't that potentially double count my capital gain and/or deprecation recapture amounts so that my tax liability will not be property generated in the software? Please let me know if I should only fill out some portions of 4797 or if that form automatically pulls only the appropriate information from 8824? And if I should leave out depreciation recapture amounts all together since the transaction is a parital1031x and some of the gain is deferred and not taxed yet? Regards, mjd.
Topics:
a week ago
Goodbye Turbo Tax. Hello Tax Act.
a week ago
@pk Thank you for the detailed explanation! Your analysis makes sense. Do you have references specifically for the co-owned scenario?
a week ago
I see where I can enter beginning recourse on the K-1 worksheet but not the ending recourse
a week ago
1 Cheer
@lixiang , agreeing with my colleague @Bsch4477 for his conclusion,
(a) Because she is a joint owner ( presumably 50% ownership), it can be conceptually looked upon as two separate properties, ea...
See more...
@lixiang , agreeing with my colleague @Bsch4477 for his conclusion,
(a) Because she is a joint owner ( presumably 50% ownership), it can be conceptually looked upon as two separate properties, each owned fully by one owner. Thus she fulfills the ownership requirement of one of the two conceptual properties.
(b) Because she has used both "conceptual" properties as her main residence she fulfills the 2 yrs. total ownership.
Therefore under section 121 she meets the 2+2 requirement and therefore at this point in time she can exclude an amount up to US$250,000 from the gain of her portion of the whole property.
(c) Now , and if the owner ( you ) transfer the ownership rights of the second "conceptual property to her, she meets the use requirement right away ( because she has been using the 2nd. conceptual property as her main residence ) , but she needs to own the property for two years ( from the transfer date ) to meet the ownership requirement.
Does this make sense ?
Also note that the transfer of your half of the property to her , being larger than the annual free gift amount, you will need to file a form 709 to recognize the gift against your own lifetime prepaid gift/estate tax credit.
My ref. is IRC section 121 --> 26 U.S. Code § 121 - Exclusion of gain from sale of principal residence | U.S. Code | US Law | LII / Legal Information Institute
Is there more one of us can do for you ?
a week ago
It really depends on your tax situation and the contents of your return. In a previous post, I was referring to certain non-revocable taxpayer elections that can only be made on a timely-filed origi...
See more...
It really depends on your tax situation and the contents of your return. In a previous post, I was referring to certain non-revocable taxpayer elections that can only be made on a timely-filed original return. Normally, these must be made by the due date of the return (including extensions). A taxpayer who misses the filing deadline for a regulatory election may request a letter ruling from the IRS granting an extension of time to make the election under Regs. Sec. 301.9100-3. The IRS will grant relief only for failure to timely file a regulatory election, not a statutory election, under this provision. Relief will be granted if the taxpayer provides evidence that establishes to the satisfaction of the IRS that the taxpayer acted reasonably and in good faith, and the grant of relief will not prejudice the interests of the government. That is a difficult and expensive process, and good luck meeting such criteria if you're doing it to get a higher refund.
a week ago
How do I get TurboTax Desktop to generate a required "Kentucky" 4562?
a week ago
a week ago
a week ago
Generally all new tax laws are included in TurboTax for the specific year. The law includes exclusion of some retirement income as well as other general savings. Google the legislation for specifics....
See more...
Generally all new tax laws are included in TurboTax for the specific year. The law includes exclusion of some retirement income as well as other general savings. Google the legislation for specifics.
a week ago
Topics:
a week ago
Are you saying the IRS sent less refund than you were expecting, less than your 1040 line 35a? If they IRS or state adjusted your return they will send you a letter explaining it. Federal and sta...
See more...
Are you saying the IRS sent less refund than you were expecting, less than your 1040 line 35a? If they IRS or state adjusted your return they will send you a letter explaining it. Federal and state refunds come at different times from different places but at the end Turbo Tax shows you the net refund or tax due of federal and state combined. That is only for your own info. You should get the full refund refund from each one. Or did you select to have the Turbo Tax fees deducted from your refund? There is an extra $40 (or 45 or 50) Refund Processing Service charge. Otherwise if your 1040 tax return shows less on line 35a than you were expecting before you need to check each line to find what changed you don't agree with. Was there a penalty on line 38? You can even pay a penalty if you are getting a refund for not paying in evenly during the year. That is not the same penalty as filing late or owing too much.
a week ago
Or did you buy the Deluxe Desktop program but end up in the Online version?