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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

It's not for filing or paying late.  It doesn't have to do with last year's tax return or not paying estimates for this year.  The penalty is an "estimated" amount.    It's a penalty if you owe too much or for not paying in enough withholding during the year or not paying in evenly.  Even if you are getting a refund you can still owe a penalty.   You might be able to eliminate it or at least reduce it.  You can go to Federal Taxes tab or Personal tab, under Other Tax Situations and select Start by the Underpayment Penalties. You will answer a series of questions that may reduce or eliminate the penalty. Or you can elect to have the IRS figure the penalty for you.  It's form 2210.   It's under Federal or Personal (for Home & Business Desktop) Other Tax Situations Additional Tax Payments Underpayment Penalties - Click the Start or update button

Here is how you should report this in TurboTax correctly so you won't get charged for the added income.    To remove the $500 from your taxable wages:  Go to Wages & Income > Less Common Income > Miscellaneous Income. Select Other reportable income. Enter a description like: "W-2 Adjustment - Foreign Source RSU (Rev. Proc. 2004-37)". Enter the amount as a negative number (e.g., -500). This pulls the $500 out of your Adjusted Gross Income (AGI) on Line 1 of your 1040. Since you are adjusting a W-2, you must attach a statement to your return.    The name of the employer.  The total RSU grant amount. The calculation of the US vs. UK work days during the vesting period. Reference to Article 14 (Income from Employment) of the US-UK Tax Treaty. TurboTax does not support the filing of attachments. After completion, you will need to print and mail your return in accordance with the mailing and filing instructions TurboTax provides.      

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 reviewed 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