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@DefLepp , thank you for reaching out to me.  Perhaps you should consider using PM  ( this is hidden from  public view but you cannot provide any PII -- Personally Identifiable  Information). (a)  First  -- as I understand  Sitaraman is moving  India  away from basis indexation. So there is still a transition period when   both the  12-1/2 % with no indexation and 20% with indexation of basis  is allowed ( for  LTCG on Real-Estate alienation ).  If your particular  case is  inheritance based , perhaps you should get your CPA in India to look at the taxes due both way to see which is more beneficial. (b) Second -- HTKO is really a punitive measure -- trying to prevent taxpayers from using  Foreign High Tax paid LTCG to reduce loss/gain from other "normal" LTCG situations.  Thus  , high tax kick out requires  Foreign Taxes  and income to be treated as "general income", thereby taxing this as ordinary/ active  income ( at taxpayer's marginal rather than Capital Gains  or similar passive income rate ). (c) Since India's highest  LTCG with indexation  rate is 20% , and USA highest LTCG rate is 28%,  HTKO is not applicable for your particular case. (d) The Tax treaty between US and India  to avoid / mitigate double taxation requires  US to recognize the full foreign taxes paid  (to India in your case ) but the allowable FTC for the year is the lesser of  actual paid to  the foreign country ( India ) and that imposed by US .  The rest of the FTC is carried forward ( 10 years )   OR  backward (1 year ).   My ref. for this is  26 USC 904 and specifically  26 USC 904.(d).(2).(F) and similar   Does all this make sense ?  Is there more I can do for you ?   Namaste  DefLepp  ji    pk  

Q. Do I owe taxes in two states? A. No.   Q. Do I file a tax return with CA? A. No.   Q. Can anyone clarify this situation for me?  A. Yes.  As  a non-resident W-2 employee, who never physically worked in CA, you have no "CA source" income and do not need to pay CA income tax or even file a CA tax return.  You do owe CO tax on all your wages from the CA based employer.  Your  employer did it right, withholding only CO tax.    The answer would be different if you sometimes actually worked in CA or you were self employed or a "contract employee" (no W-2). 

@M-MTax wrote: @Opus 17 wrote: If you are not a schedule C self-employed investor, then your gains and losses are reported on schedule D as with any other capital gains and losses. Gains and losses from digital assets and other securities are never reported on Schedule C unless the taxpayer is a dealer thereof (where the assets/securities exchanged are treated as inventory).   There are only three categories: Investors, Traders, and Dealers. Those who qualify as "traders", generally report trades on Form 8949 (or Form 4797 with an MTM election); only relevant and related expenses are reported on Schedule C. If someone is a trader, can they deduct capital losses in excess of $3000 or is that still the limit?

If you have a home office and the door knobs were for that office the cost is deductible. If the replacement was for elsewhere in the home only the percentage deduction applied to your office is deductible. So if your percentage space for your office is 10%, 10% of the cost is deductible. 

To add to what Patricia said, it is possible that your state allows a miscellaneous itemized deduction, even though the federal return no longer allows it (for example, California). In this case, it is important to enter the K-1 Box 13 code AE properly in the tax return.    If you are using TurboTax Online for tax year 2024, you will be prompted during the Review to indicate if any of the Box 13 code AE is "Other taxes". Leave the amount blank and re-run the review. There should be a new error/flag that asks you to enter the amount of Box 13 code AE that is "Other miscellaneous itemized deductions (2% floor)". That is where you should enter the amount.   If you are using TurboTax Desktop for tax year 2024, you will hit a flag during the Review. It will ask you to enter a dollar amount on the appropriate lines, as shown below. In the example I've shown, you would enter the dollar amount in Code W to ZZ, in line 2, for "Other miscellaneous itemized deductions (2% floor)".     I hope this additional context is helpful!

Sorry you misunderstood.   You can not have a state tax due deducted from your federal refund.  NEVER.  You can only have the Turbo Tax fees deducted from your refund.  See,  Can I pay my state taxes from my federal refund?   Your only proof of payment is your bank statement or credit card showing the payment coming out.  Turbo Tax only passes your bank account number to the IRS or state for them to take it out of your account.  (Most states do not let you pay by Direct Debit so you have to mail in a check or go directly to the state's website to pay).  And some banks use different routing numbers for deposits and payments.  Double check the number you entered with your bank.   Check the printout or PDF of your return; look for the state cover sheet with the Turbotax logo.  If you owed tax, it will show the payment information and how/when you decided to pay.  Read the state payment instructions carefully since most states cannot be paid from within the TT system and requires additional steps.

@Opus 17 wrote: If you are not a schedule C self-employed investor, then your gains and losses are reported on schedule D as with any other capital gains and losses. Gains and losses from digital assets and other securities are never reported on Schedule C unless the taxpayer is a dealer thereof (where the assets/securities exchanged are treated as inventory).   There are only three categories: Investors, Traders, and Dealers. Those who qualify as "traders", generally report trades on Form 8949 (or Form 4797 with an MTM election); only relevant and related expenses are reported on Schedule C.

@Harmening Multiple users have posted to this thread, so it is hard to know what "same thing" happened to you.   If that "same thing" is that your Mac's OS is too old to meet the system requirements for 2024 desktop download software, this thread already has the remedies:   If you want to use TurboTax and your computer does not meet the system requirements and cannot be updated, your choice is to use online software instead.   If you already purchased the software and cannot use it, seek a refund: To request a refund for a TT product https://ttlc.intuit.com/turbotax-support/en-us/help-article/intuit-refunds/request-refund-turbotax-product/L834M6uyW_US_en_US?uid=m6meybc2     You cannot use the license code for desktop software to pay for using online TurboTax.