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26m ago
Yes. First enter the sale of the inherited property following the steps below. Next you will enter a foreign tax credit, if you have taxable income from the sale on your United States (US) tax return...
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Yes. First enter the sale of the inherited property following the steps below. Next you will enter a foreign tax credit, if you have taxable income from the sale on your United States (US) tax return. The income cannot be excluded because you are a US resident.
The credit for taxes paid to another country create a foreign tax credit. The US will recognize a credit for the lesser of:
The tax paid to the foreign country, OR
The tax calculated on the US return for that same income
Your cost basis is the fair market value on the date of death of the decedent, plus the capital improvements (not repairs but improvements that are capital in nature). The expenses of sale will reduce any gain or increase any loss as well. If there should be a loss, there is no foreign tax credit on your US return.
This is entered as the sale of investment property and can be entered as follows.
Enter the inherited property sale in TurboTax using the steps provided.
Open or continue your return: Choose the Search box and type 'sale of second home' then use the Jump to link to enter your inherited sale) or follow the menu. In TurboTax Online select 'See more' in the FAQ then click 'sold second home'.
Under Wages & Income scroll to Stocks, Cryptocurrency, Mutual Funds, Bonds, Other (1099-B)
Answer Yes on the Did you sell any stocks, mutual funds, bonds, or other investments in 2025? screen
If you land on the Your investment sales summary screen, select Add More Sales
On the OK, let's start with one investment type screen, select Other, then Continue
On the Tell us more about this sale screen, enter the name of the person or institution that brokered the sale
On the next screen, select Other (choose this also for inherited homes) then select I inherited it under How did you receive this investment? (For TurboTax Desktop you can enter a description of 'Inherited Home' and long term holding period).
Foreign Tax Credit: Both the credit and the deduction are entered in the same place. TurboTax will indicate the best choice for you.
Where do I enter a foreign tax credit (Form 1116) or deduction?
27m ago
I received a form 1099-NEC for a part time home health care job I had in 2025. I am not self-employed otherwise nor do I have my own business. I didn't realize the tax implications this job would hav...
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I received a form 1099-NEC for a part time home health care job I had in 2025. I am not self-employed otherwise nor do I have my own business. I didn't realize the tax implications this job would have. Since it was only a part-time job and I don't have my own business, is there a way around getting dinged pretty hard by these self-employment taxes?
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27m ago
Was wondering how I find out what's going on
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28m ago
Per the Virginia Department of Taxation website, here is where you should mail your returns if you are paper filing:
Refund Returns
Virginia Department of Taxation P.O. Box 1498 Richmond, ...
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Per the Virginia Department of Taxation website, here is where you should mail your returns if you are paper filing:
Refund Returns
Virginia Department of Taxation P.O. Box 1498 Richmond, VA 23218-1498
Tax Due Returns
Virginia Department of Taxation P.O. Box 760 Richmond, VA 23218-0760
The mailing address should populate within the instructions when you print your return from TurboTax. To retrieve this information, click on Tax Tools on the left side of the online program screen, next Print Center. Then click on Print, save or preview this year's return. Be sure to include TurboTax worksheets, then View or print forms.
31m ago
WHY DO I HAVE TO PAY? I WANT THE FREE EDITION
The information that you can enter in Free Edition is pretty limited now. Thanks to the tax laws that began for 2018 returns, there are n...
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WHY DO I HAVE TO PAY? I WANT THE FREE EDITION
The information that you can enter in Free Edition is pretty limited now. Thanks to the tax laws that began for 2018 returns, there are no more simple Form 1040EZ or 1040A's. Everything goes on a Form 1040 that has three extra "schedules" with it, and if you need any of those schedules, you are not able to use the Free Edition. Using the standard deduction instead of itemizing does NOT mean you will not need any of those schedules. If you started in the Free Edition and entered any data that required any extra forms or schedules, you have to upgrade to a paid version and if you are watching the screens carefully you are alerted to the upgrade.
TurboTax Online: Important Details about Filing Simple Form 1040 Returns
If you have a simple Form 1040 return only (no forms or schedules except as needed to claim the Earned Income Tax Credit, Child Tax Credit or student loan interest), you can file for free yourself with TurboTax Free Edition, or you can file with TurboTax Live Assisted Basic at the listed price. Roughly 37% of taxpayers are eligible.
Examples of situations included in a simple Form 1040 return (assuming no added tax complexity):
W-2 income
Interest, dividends or original issue discounts (1099-INT/1099-DIV/1099-OID) that don’t require filing a Schedule B
IRS standard deduction
Earned Income Tax Credit (EITC)
Child Tax Credit (CTC)
Student loan interest deduction
Taxable qualified retirement plan distributions
Examples of situations not included in a simple Form 1040 return:
Itemized deductions claimed on Schedule A, like charitable contributions, medical expenses, mortgage interest and state and local tax deductions
Unemployment income reported on a 1099-G
Business or 1099-NEC income (often reported by those who are self-employed, gig workers or freelancers)
Stock sales (including crypto investments)
Income from rental property or property sales
Credits, deductions and income reported on other forms or schedules
How can I see my TurboTax fees?
https://ttlc.intuit.com/turbotax-support/en-us/help-article/intuit-account-billing/review-fees-turbotax-online/L1XnIzgzg_US_en_US?uid=m682vq7k
If your TurboTax fees are higher than expected, you can reduce them by removing add-ons (BEFORE you e-file) :
Remove Premium Services
Remove MAX Defend & Restore
Remove a state
Remove PLUS Help & Support
Remove Pay With Your Refund
Or—-Use this IRS site for other ways to file for free. There are 8 free software versions available from the IRS Free File site
https://apps.irs.gov/app/freeFile/
34m ago
WHAT IS THW ADDRESS TO SEND VIRGINIA TAX FORMA TO
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34m ago
If you purchased desktop download and cannot use the software, you can seek a refund and use online TurboTax instead. You will not be able to download 2025 if you only have Windows 10 and cannot upg...
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If you purchased desktop download and cannot use the software, you can seek a refund and use online TurboTax instead. You will not be able to download 2025 if you only have Windows 10 and cannot upgrade to Windows 11. Is that the problem? Or do you have an old Mac that does not meet the system requirements?
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
ONLINE 2025
https://turbotax.intuit.com/personal-taxes/online/
36m ago
You can enter this by navigating to Deductions and Credits > Deductions & Credits Summary > Estimates and Other Taxes Paid > Income Taxes Paid > 2024 Refund Applied to 2025. Depending on if the appl...
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You can enter this by navigating to Deductions and Credits > Deductions & Credits Summary > Estimates and Other Taxes Paid > Income Taxes Paid > 2024 Refund Applied to 2025. Depending on if the applied refund was federal, state, or local, you will select the applicable option here, and proceed to enter the amount.
36m ago
@DoninGA I appreciate the follow-up. I am using Windows and I keep TurboTax updated, so I am on the most recent version. I am unable to find the screen that you pasted in your last response. Is i...
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@DoninGA I appreciate the follow-up. I am using Windows and I keep TurboTax updated, so I am on the most recent version. I am unable to find the screen that you pasted in your last response. Is it in the Federal Taxes section?
38m ago
You will not find Form 5498 anywhere in TurboTax. This form is not entered as part of your return as a general rule. In some instances, you may be asked for information from Form 5498, but usually ...
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You will not find Form 5498 anywhere in TurboTax. This form is not entered as part of your return as a general rule. In some instances, you may be asked for information from Form 5498, but usually the information you need can be found in other paperwork you already have.
To learn more, see the following TurboTax help article:
What do I do with Form 5498?
@deakinsb
38m ago
Federal and state refunds come from completely separate entities. There is no rule as to which one will come in first or how long it will be between their arrival in your account.
TurboTax giv...
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Federal and state refunds come from completely separate entities. There is no rule as to which one will come in first or how long it will be between their arrival in your account.
TurboTax gives you an estimated date for receiving your refund based on a 21 day average from your date of acceptance, but it can take longer. “21 days” is not a promise from TurboTax or the IRS.
First, check your e-file status to see if your return was accepted:
https://turbotax.intuit.com/tax-tools/efile-status-lookup/
Once your federal return has been accepted by the IRS, only the IRS has any control. TurboTax does not receive any updates from the IRS. Your ONLY source of information about your refund now is the IRS.
You need your filing status, your Social Security number and the exact amount (line 35a of your 2025 Form 1040) of your federal refund to track your Federal refund:
https://www.irs.gov/refunds
To track your state refund:
https://ttlc.intuit.com/turbotax-support/en-us/help-article/tax-refund/track-state-refund/L3jgO8PGs_US_en_US?uid=lt447ebr
If you chose to have your TurboTax fees deducted from your federal refund, that will take some extra time, while the third party bank handles the refund processing
https://ttlc.intuit.com/turbotax-support/en-us/help-article/tax-refund/refunds-take-longer-others/L14YlqFrH_US_en_US?uid=lexdr7zh
.
https://ttlc.intuit.com/turbotax-support/en-us/help-article/tax-refund/irs-refund-taking-longer-21-days/L2vRAJbdU_US_en_US?uid=lexe7lst
If you are getting earned income credit on line 27 or additional child tax credit on line 28 You are subject to the delay required by the PATH act. Do not expect your refund before early March
https://ttlc.intuit.com/turbotax-support/en-us/help-article/internal-revenue-service/federal-refunds-delayed-due-path-act/L5jnQJsBi_US_en_US
Note: “Accepted” is not the same as “approved”. TurboTax tells you the e-file was accepted if the IRS deems that there is enough information on the return for them to take it in for processing. Only the IRS can approve of the refund, which is a later stage of processing. If the IRS approves your refund they will provide a date for the refund to be issued.
FROM THE IRS WHERE’S MY REFUND SITE:
https://www.irs.gov/wheres-my-refund
How it works
Where's My Refund shows your refund status:
Return Received – We received your return and are processing it.
Refund Approved – We approved your refund and are preparing to issue it by the date shown.
Refund Sent – We sent the refund to your bank or to you in the mail. It may take 5 days for it to show in your bank account or several weeks for your check to arrive in the mail.
39m ago
The instructions in the link below will provide details to enter your charitable donations in TurboTax. How do I enter my charitable donations in TurboTax? The value of clothing, books, etc. can ...
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The instructions in the link below will provide details to enter your charitable donations in TurboTax. How do I enter my charitable donations in TurboTax? The value of clothing, books, etc. can be found using various methods. For examples see the links below for a guide to assist. Salvation Army Donation Value Guide Valuation Guide for Goodwill Donors Any reasonable method will be appropriate, just keep the details with your tax records should you need it later. How do I use the Fair Market Value (FMV) tool to enter donations in both TurboTax Desktop and TurboTax Online? @Mark-D
39m ago
In order to "accidentally " file as HOH your daughter had to claim a qualified dependent. Who did she claim as her dependent? Did she claim YOU as a dependent? If she claimed you --- and shoul...
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In order to "accidentally " file as HOH your daughter had to claim a qualified dependent. Who did she claim as her dependent? Did she claim YOU as a dependent? If she claimed you --- and should not have done so--- she has to amend her return. Waiting for her amended return to be processed will not help you.
You can file your own return by mail----print it, sign and date it in ink, and mail it in.
When you mail a tax return, you need to attach any documents showing tax withheld, such as your W-2’s or any 1099’s. Use a mailing service that will track it, such as UPS or certified mail so you will know the IRS/state received the return.
Federal and state returns must be in separate envelopes and they are mailed to different addresses. Read the mailing instructions that print with your tax return carefully so you mail them to the right addresses.
42m ago
To clear your error, you should type this withholding amount in as a rounded whole number.
Return to the 1099-R entry and type 2008 into the box 14 entry instead of 2008.44
The IRS and s...
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To clear your error, you should type this withholding amount in as a rounded whole number.
Return to the 1099-R entry and type 2008 into the box 14 entry instead of 2008.44
The IRS and state agencies will not accept returns with decimal values anyway, and so typing data in without the cents on the end (rounded up or down to the nearest whole dollar correctly) will not pose any legal reporting issues.
43m ago
TurboTax gets no information from the IRS (or your state) after you file your tax return. No one at TT knows why you did not receive your 2023 refund. What does it say on the IRS refund site? Yo...
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TurboTax gets no information from the IRS (or your state) after you file your tax return. No one at TT knows why you did not receive your 2023 refund. What does it say on the IRS refund site? You can still use that site for a 2023 refund. Use your 2023 filing status, your SSN and the refund amount shown on line 35a of your 2023 Form 1040.
https://www.irs.gov/refunds
45m ago
Please use the link below to contact us regarding your questions.
How do I contact TurboTax?
@user17744747124
45m ago
If you are using TurboTax Online, try clearing your cache and cookies and/or using a different browser.
In case you are not familiar with how to do this, see the TurboTax help articles below:...
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If you are using TurboTax Online, try clearing your cache and cookies and/or using a different browser.
In case you are not familiar with how to do this, see the TurboTax help articles below:
How to clear your cache
How do I delete cookies?
46m ago
Did you already e-file the return? If you have not e-filed you can just go back to MY INFO to make corrections to the wrong information that was entered. You do not click on "amend" to do that. ...
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Did you already e-file the return? If you have not e-filed you can just go back to MY INFO to make corrections to the wrong information that was entered. You do not click on "amend" to do that. You only use "amend" in order to make corrections to a return that has been filed and fully processed by the IRS.
46m ago
I did the same have u heard any more