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If you receive cash, relief from debt, or property that is not like-kind, you may trigger some taxable gain in the year of the exchange. There can be both deferred and recognized gain in the same transaction when a taxpayer exchanges for like-kind property of lesser value without paying additional funds for the property received. IRS Fact Sheet-1031 Exchange Instructions Form 8824 Here are some notes and steps that may make the process easier for you to complete your 1031 exchange.   You should indicate it was rented all year just like you never gave it up when reviewing the assets for the original property basis. The new property is treated like it was the old property, in other words nothing changes except that you may have a new asset to place in service (add as a new asset) for any buy up/added cash on the exchange.  Below are instructions that should help you complete the process and/or review your own steps. In other words, the depreciation will not change in your return.  You can rename them and leave them as is in the asset section. If you choose this, do not indicate they were traded in the step 5 below. Do not say 'Yes' to Special Handling. Indicate they were sold/traded (Step 5 below) and 'Yes' to Special Handling. Record all the information for each asset, then enter a new asset(s) with a new name but with all the identical information, date placed in service, building cost, land cost, etc. All assets retain the same position as if a trade never occurred. When you have your TurboTax return open you can use the following steps to update the original assets for the exchange. First use the Search (upper right) > Type rentals > Press enter > Click on the Jump to... link Or Income & Expenses > Rental Properties and Royalties > Update > Continue to Rental and Royalty Summary > Edit the property Scroll to Assets/Depreciation  > Click Update > Select 'Edit' next to each asset Edit beside each asset > Continue to the Tell Us About This Rental Asset Select the checkbox beside 'This item was sold, retired, .... traded in ....etc. > enter the date it was traded (sold/retired) Answer the question about whether it was 100% business > Leave the original date it was placed in service (may be purchase date or later depending on your circumstances) Continue to the screen 'Confirm Your Prior Depreciation'   The amount displayed is only for prior years and does not include the current year.  Continue until you see the current year amount displayed and make a note to add the two amounts together for the Section 1031 like kind exchange. This completes the asset portion of the trade. Answer 'Yes' to Special Handling. Next you will complete the like kind exchange, Form 8824 (Section 1031 exchange): Use the Search (upper right) > Type like kind > Press enter > Click on the Jump to... link Select the checkbox beside 'Any additional like-kind exchanges (section 1031)' > Continue Complete the information for the 'Real estate given up'  and 'Like-Kind Property Given Up' > Continue Name the event > Continue > Complete the information for the 'Like-kind property received' If you did not give unlike property in the exchange click 'No' and  continue past these screens, if 'Yes' answer the questions. Enter any exchange expenses (sales expenses) > Continue to see your deferred gain.

Yes, you can see your final state tax forms.   If you are using the online version, go to the Tax Home page, and click on Add a state (You're not really adding one. That's just to get the return to open up).   Click on the Tax Tools bar and select Tools. Then, click on Print Center.  Click on Print, Save, or Preview this year's return.    If you are using TurboTax Desktop, just switch to "Forms Mode" to view all state Forms directly.   For further information, see the link below: How do I preview my TurboTax Online return before filing?  

I suggest you confirm your Email account you have listed with TurboTax.   You can correct both your Email and Phone number.  On the left sidebar. Scroll down and select Intuit Account Six boxes will appear Click Sign in & security Your account information, including Phone number and Email are available to be updated. If the email address is no longer active and you are unable to log in, you can complete the Account Recovery Request Submission Form.    

Thank you - so we should could un-rented, non-personal days as rental days? For example, there may have been three days between rentals where we cleaned the space and set it up for the next guest. The space was advertised for rent for these days but not actually rented, and was not used personally in that we did not spend time in the space other than to clean it. I guess I'm struggling to see how we would prove the difference between personal use and un-rented rental days given that the rented space is part of our home and no one is actually seeing how we are using or not using that space in between rentals.

Since the withdrawal happened before the tax deadline, the IRS considers this a timely return of excess contributions.   You have already contacted Fidelity and they cannot correct the form, so you will work with the Form 1099-R as presented.    Your Form 1099-R only shows a code J in Box 7, so you will need to add the additional code of P for Box 7 (J & P both), to indicate that this is a prior year correction by following these steps:    Go to Income on the left panel within your TurboTax account Click on the Review to the right of IRA, 401(k), Pension Plan Withdrawals (1099-R) Click on the pencil to the right of your 1099-R to review/edit it Continue through the questions until you reach, "Enter your 1099-R details from _" Enter the information from the original Form 1099-R that you received For Box 1, enter the original contribution + earnings amount For Box 2a, enter zero (0), since there were no earnings  Ensure the details from your Form 1099-R are correct, including Distribution Codes J & P being used in Box 7, then Continue

It doesn't sound like you've filed your return. You should still have the sidebar on the left side. You can select from that listing to enter any changes you have. If you have filed, you will have to wait for the return to be accepted or rejected. If rejected, you can go back and make the corrections directly in the original return. If accepted, you will have to amend the return.  Amend TurboTax  

Taking a look at your tax data file, the amount shown on line 10 of Form 8606-S is actually blank and the calculated amount on line 15 has an asterisk beside it.     This is what TurboTax help content says about the situation where line 10 is blank:   However, if there is a star next to the amount on line 15, this field will be blank. Refer to the Taxable IRA Distribution Worksheet for the spouse. The Taxable IRA Distribution Worksheet may be used if there is also a contribution to a traditional IRA that may be nondeductible. This worksheet can be accessed from the Smart Worksheet at the bottom Part I of this Form 8606.   Then, there is also an asterisk beside the amount shown on Form 8606-S for line 13 and the help content says:   However, if there is a star next to the amount on this line, the amount comes from the Taxable IRA Distributions Worksheet (spouse's copy), line 11.   So, there is not an error on your Form 8606-S, the values are calculated on a different worksheet due to the situation in your return where there was a distribution and non-deductible contribution with the Traditional IRA.   You can either look for the form Tax IRA Dist-S in Forms (if you are using TurboTax desktop), or look for Taxable IRA Distribution Worksheet when you print all tax forms including worksheets (if you are using TurboTax Online and have paid the fee).  This is the form where you will see the calculations that have been used and included on Form 8606-S.   @redmarlen 

If you don't have an annuity but are stuck in the annuity information section in TurboTax Online, you can remove or skip it by doing the following: 1. Go back to the Wages & Income or Investments section where annuity income was added. 2. Look for the entry related to annuity or Form 1099-R. 3. Select the option to Delete or Remove that annuity income entry. 4. Continue through the interview to bypass the annuity section. This will clear the annuity info and allow you to proceed without reporting annuity income.

Form 4562 Depreciation and Amortization Report may be viewed amongst the printed forms and worksheets.  It is a landscape document.   In TurboTax Online, you may print or view your full tax returns prior to filing after you have paid for the software.   View the entries down the left side of the screen at Tax Tools. Select Print Center. Select Print, save or preview this year's return. Select Include government and TurboTax worksheets. @tax6666 

To force the program to change from standard deduction to itemized deductions in TurboTax Desktop:   Open or continue your return. Select Federal Taxes. If using Home & Business, select Personal. Select Deductions & Credits. When asked how you want to enter your deductions and credits, select I'll choose what I work on. Scroll all the way to the bottom of the Your 2025 Deductions & Credits screen and select Done with Deductions. Continue until you see The Standard [or Itemized] Deduction is Right for You! Select Change my deduction and choose which one you'd like. Select Continue to apply any changes. How do I change from the standard deduction to itemized (or vice-versa)?

In order to add a new vehicle to your business, here are the steps:   Navigate to Federal > Income > Wages & Income Summary > Self-employment income and expenses Edit your business  Choose add expenses for this work Select the check box for Vehicle and continue ( you may need to select add more expense categories) Now, vehicle will appear in list of expenses. Choose pencil icon to the right of vehicle expenses. Continue through the interview to add details about the vehicle choose bonus depreciation or Section 179 to expense the vehicle.

No. Income reported on a 2025 Form 1099-NEC generally must be reported on your 2025 tax return, regardless of when related expenses or deductions occur. Tax rules require income and related deductions to be reported in the tax year they are earned or incurred. You usually can't carry over income from 2025 to 2026 just because expenses happen later. The income is taxable in 2025, while deductions for expenses paid in 2026 are reported on your 2026 return. This separation means you report 2025 income on your 2025 tax return and claim expenses when paid in 2026 on your 2026 return. This follows standard tax accounting principles for income and expenses across tax years.  

I found one posting suggesting a work-around in TT to manually add books, computer & room and board to the student worksheet (from manisman1995 - see link below)   https://ttlc.intuit.com/community/retirement/discussion/how-to-enter-room-board-expenses-in-1098-t-1099-q-sections/00/3745114#:~:text=Level%203-,How%20to%20enter%20Room%20&%20Board%20expenses%20in%201098%2DT%20/,Level%203    When I tried to do this, I still have some issues.  This is what I did.   1) I entered my 1099Q for 2.3K (from 529 distribution) into the wages/income misc section where the next screen allows you to enter 1099Q.   2) I switched to Deduction section entered more info about my son as the student (but put NO on the question - did he receive 1098T).  This screen allowed me to enter books, computer & room and board expenses.  But I still have to pay some tax for the 2.3K amount.   3)  I switched to view the "forms" and reviewed the student worksheet under my son's name to see how the numbers were created.  If I manually put the entire 2.3K on computer expenses, then I will pay NO tax.  But if I have some amount on Room&board and Books, I have to pay some tax on.  Am I doing something wrong?  or this is one of the TT software bug that has not been fixed yet?  I thought my entire 2.3K should be tax-free if they are qualified education expenses.   Please help with my questions above.  thank you   HHP

For home purchases in 2025, there is currently no federal "First-Time Homebuyer Tax Credit," as there has been in the past.    However, you could possibly be eligible for Mortgage Interest Credit if you obtain a Mortgage Credit Certificate (MCC) from your state or local government, which allows a direct credit for a portion of your annual interest paid for moderate income homebuyers. Additionally, 2025 is the final year to claim the Residential Clean Energy Credit (30% for solar, wind, or battery storage) and the Energy Efficient Home Improvement Credit (up to $3,200 annually for upgrades like heat pumps, insulation, and windows).   While not a credit, many homeowners itemize their deductions on Schedule A rather than taking the standard deduction, which is $15,750 for singles and $31,500 for married couples. The primary benefit is the mortgage interest deduction, which allows you to subtract the interest paid on up to $750,000 of mortgage debt from your taxable income. Additionally, the state and local tax (SALT) deduction cap was recently increased to $40,000, meaning you can now deduct up to $40,000 of your SALT, which includes property taxes.   You can navigate to See this helpful article to find all the ways you can save money on taxes this year Tax Breaks and Home Ownership

If you had health insurance through the Health Insurance Marketplace, you will receive Form 1095-A, Health Insurance Marketplace Statement by mid-February. This form contains all the information needed for your tax filing, including premiums and any advance Premium Tax Credit payments.    You can obtain this form by logging into your Marketplace account where you purchased your insurance. If you purchased insurance through the federal Marketplace, use healthcare.gov to access and download your Form 1095-A.