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I want to make sure I understand correctly. If the asset was fully expensed under Section 179 and later sold, wouldn’t the gain be treated as Section 1245 ordinary income on Form 4797? My understanding is that Code L applies only when business use drops below 50%, not when the asset is sold. Could you clarify?

I had the same thought after typing up my last message. I don't think that Empower was ever aware that my husband was terminated since it was so brief (we have a severance letter though). We are trying this approach with Empower now. Fingers crossed.   The loan payments after they resumed were treated as loan payments (though not factored into the amount on the 1099R - doubly frustrating), and they only allow 1 loan at a time. The defaulted loan will sit on the account until paid. We will have the funds available to do a rollover by April 15, but if Empower refuses to recognize it, the defaulted loan will continue to sit there. Any thoughts on these contributions being treated as loan payments after default?

The capital improvements are added to the purchase price of the home and listed as the adjusted basis of the home.  There is not a spot where you list improvements. Since this is a second home, you would list it in the investment section.      You will enter it by doing the following: Federal Income Show More next to Investment Income Start next to Stocks, Cryptocurrency, Mutual Funds, Bonds, Other (1099-B)  Select Other Continue through and select second home for the type of investment Answer how you obtained it You will need to enter the selling price, dates and the cost basis (or adjusted basis) of the home

Hello For the past three years, I manually entered my tax information related to my shares in Enterprise Products Partners L.P. into TurboTax. However, just recently, I learned that instead of entering the data manually, I can download the tax package as a TXF file to my computer and import it directly into TurboTax. After importing the TXF file, I went to the Federal Taxes section in TurboTax. From there, I selected Wages & Income, then Business Items, and clicked on Schedule K-1 to input the necessary information.   Under the Partnerships/LLC section (Form 1065), I clicked on Update and reviewing the relevant information for the Schedule K-1. After importing the TXF file, I noticed that there are two entries for Enterprise Products Partners L.P.—one for last year and the other for the current year, even though I only expected one entry. I verified the data from the file I just imported, and everything was entered correctly. However, when I compared it with the old file from last year, I noticed that the old file includes Report Carryovers—Regular Tax, Report Other AMT Carryovers, and Report Qualified Business Income (QBI) Carryovers, but the new file does not contain this information. My question is whether I should delete the old file and start using the new file going forward, so I can simplify the process and just import the data each year. I want to make sure that by using the new file, I won’t miss any important carryover details that could affect my taxes. Alternatively, should I continue using the old file to ensure those carryovers are properly accounted for? Thank you