All Posts

Here is an example of calculating the selling price for each asset. Just include the closing costs as part of your selling expenses.    Any repairs should be included as an expense on rental activity. Also if you have a passive loss carryover see the instructions below to be sure it's accounted for in the year of sale in full.   How you prorate the selling price to each of the assets including the land.   For any asset, such as appliances, that really have no value because they are past the recovery period of five years you can use a zero.   Use the original cost of each asset listed on depreciation, add those together then divide each one by the combined total to find the percentage of the cost for each asset.  Use that percentage times the sales price and sales expenses to find the selling price/sales expenses for each asset. If you want you can check the allocation of building and land in your county real estate tax office, on file now.   Example:  Original Cost (of each asset on your depreciation schedule) $10,000 Land                = 13.33%  $50,000 House              = 66.67% $15,000 Improvements  = 20% $75,000 Total                 = 100%  Multiply each percentage times the sales price/sales expenses to arrive at each individual sales price/sales expense.   Passive Activity Loss Entry if applicable: Assuming your passive losses were carried over each year, this will be a separate and identifiable entry which will carry to the Schedule E.  The full remainder of passive loss carryover is used in the year of sale as an expense. This is combined with your overall rental gain or loss to your Form 1040.  When you are on the screen 'Do any of these situations apply to this property?' (Property Profile section), be sure to check the box under Carryovers.  See my notes below on entering the sales price/expenses for each asset inside the rental activity. You need to dispose of the property by telling TurboTax how and when it was disposed of.  Follow the instructions below. Click on Search (upper right) > type schedule e > Enter > click Jump to .... link Answer the questions and on under Rent and Royalty Summary, click Edit Click Update to the right of Assets/Depreciation. Do you want to go directly to your asset summary?, click Yes and Continue Click Edit to the right of each asset to be disposed of Go through several screens until you get to Tell Us More About This Rental Asset Click on This item was sold…….   And continue to answer the questions You might also review information here for more details    @Benjamine 

I would suspect that no H&R Block users running Windows 10 are making any such switch. Or if they did, then they were returning their copy of 2025 TurboTax for a refund when they learned of this caveat. One would hope that that Block's decision making consultants are more in tune with what the buying public wants than Intuit appears to be. As for being concerned about what 2026 will bring, the wisest choice is to make decisions based on what is prudent and cost effective in a black and white TODAY, not some nebulous tomorrow. A scenario that TurboTax seems to have missed taking into consideration. A year that someone can continue using their Windows 10 machine instead of having to buy a new one is money saved today not having to be spend it unnecessarily today.  Doesn't Inuit understand personal finances? My, that is a shocking thought, isn't it?

No. Education expenses for grades K-12 are not deductible on your Federal return, whether for private, public, or home schooling, nor are the expenses for tutoring, after school lessons or after school activities, such as dance lessons, sports, etc.  Some states allow deductions/credits for K-12 education and/or home schooling expenses; if your state has these deductions available, you will be prompted to enter them when you prepare your state return.  (As far as I know, the states that offer any sort of K-12 deductions/credits are Arizona,  Illinois, Indiana, Iowa, Louisiana, Minnesota, North Carolina, Ohio, and Wisconsin)

Windows or Mac?   Yeah the minus in front of Form 1040 is glitching on mine too.  Should be able to click on it and it should collapse the federal forms.  Do you have Open Form at the top of the left column?  Click on that.    OK now it'working for me.   I went to Open Forms and opened a state form.  Now the state shows  up at the bottom of the left column with the minus sign.  I think it just takes a minute to populate the list.  

According to IRS Pub 946 Depreciation of Property, solar panels are depreciated over five years. using the double-declining balance method.   In TurboTax, you can choose "Computer, Video, Photo, etc." as the type of asset so you report a 5-year class life.   You can also enter this manually as an "other asset type": Because solar installations are not common, you may need to enter this as "Intangibles, Other property" for the asset category and "other asset type." Enter your original purchase price for cost and the date it was placed in service. Show that you purchased this asset and enter the percentage of business use. Enter the date the property was first used as a rental. Choose 5.0 year asset class life, half-year convention, and with 200% declining balance depreciation method. It is not "listed property." Enter the amount of Section 179 deduction, if you claimed that in the first year. Enter the amount of depreciation you claimed last year, if any, including special depreciation. If necessary, click the "show details" box so you can confirm your entries are what you expect. 

Thanks....I've read that but I'm not sure I understand the Transportation and Lodging.  I'm guessing I can claim my Airfare and Lodging from my October Visit.  But I'm not clear of my RV traveling for my appointments in November and December.  Since I'm at a RV Park for longer than my treatment, can I claim $50 per day for me and my wife ($100 per day) for the days  I headed down through my treatment....but not afterward?   Thanks

What does Accepted mean? It means that you tax return was received and has passed initial inspection, such as correct Social Security number and correctly claimed dependents.   Information from the CA Franchise Tax Board states that it can take up to 5 days to process a payment, so it's possible that they have not yet gotten around to processing your payment.  The follow has information about this process and customer service information if you need to contact them:  CA Timeframes   Once the return has been e-filed and accepted, it is up to the agencies involved to process the returns and either issue refunds or take payments.  If you have additional concerns about your payment to CA Franchise Tax Board, please contact them using the information in the CA TImeframes link.

If you are using online TurboTax you do not have Forms mode.  Forms mode is a feature of only the desktop download software.   With online, you can only preview Form 1040 and Schedules 1,2, or 3;  later after you pay your fees you can see the other forms and schedules and/or print the return for review before you file.   PREVIEW 1040 https://ttlc.intuit.com/turbotax-support/en-us/help-article/tax-return/preview-turbotax-online-return-filing/L77WCkvnu_US_en_US?uid=m681fkhr