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yesterday
Based on business miles divided by total miles the depreciation will change each year. The business cost basis changes each year and the business use percentage changes each year.
This means t...
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Based on business miles divided by total miles the depreciation will change each year. The business cost basis changes each year and the business use percentage changes each year.
This means the depreciation allowed each year is based on the straight line half year convention using the the lower rates or ADS (alternative depreciation system) when the business use is 50% or less. Here is what should have been the rate each year if the business use was lower than 51%
2022 Year 1 - NA due to standard mileage rate possibly?
2023 Year 2- 20% x business cost basis
2024 Year 3 -20% x business cost basis
2025 Year 4 -20% x business cost basis
2026 Year 5 -20% x business cost basis
2027 Year 6 -10% x business cost basis
Table 8A - IRS Publication 946
The miles are key to determining the depreciation each year. Based on what I can see it was purchased in 2022, not 2021. It appears the vehicle is used in both business and rental activity which does create more difficulty for the software. Currently and at the point of sale or trade due to calculating the appropriate deduction in each separate activity it's more challenging when actual expenses are used instead of the standard mileage rate (SMR).
Be sure to check out both the sections to review all the detail about each vehicle. If you don't have TurboTax Desktop, it may be a good idea to switch but it appears you are using that to view the worksheets.
I am reviewing the Depreciation and Amortization Report for 2025 under Schedule E and there is a separate one under Schedule C which is what you may be looking at because that one does not have all the data.
Please review the information provided and then update with your additional questions and we will help.
@firedrake123
yesterday
It was simply reviewing my information. I don't receive any railroad benefits.
yesterday
1 Cheer
Attach the schedule or form(s), if any, that you used to figure your revised tax (Line 6). Don’t attach worksheets. If any forms specify an attachment, put all those attachments at the end in the ...
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Attach the schedule or form(s), if any, that you used to figure your revised tax (Line 6). Don’t attach worksheets. If any forms specify an attachment, put all those attachments at the end in the same order as the forms they go with. Include any new/corrected tax document only if it shows federal tax withheld, Do not include your old 1040, nor your revised 1040 because the Form 1040-X reflects any changes there and becomes your new tax return. @panamax
yesterday
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yesterday
Also cannot delete duplicate entries of 1099-Div
Topics:
yesterday
@timmichelle We cannot be sure what answer you are asking about as the "same" since multiple users have posted to this thread, but if you are asking if a 23 year old full-time student can be a qualif...
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@timmichelle We cannot be sure what answer you are asking about as the "same" since multiple users have posted to this thread, but if you are asking if a 23 year old full-time student can be a qualifying child dependent, the answer is yes whether the student is an undergrad or a graduate student.
You can claim a child, relative, friend, or fiancé (etc.) as a dependent on your 2025 taxes as long as they meet the following requirements:
Qualifying child
They're related to you.
They aren't claimed as a dependent by someone else.
They're a U.S. citizen, resident alien, national, or a Canadian or Mexican resident.
They aren’t filing a joint return with their spouse.
They're under the age of 19 (or 24 for full-time students).
No age limit for permanently and totally disabled children.
They lived with you for more than half the year (exceptions apply).
They didn't provide more than half of their own support for the year.
yesterday
I have a broker 1099-DA that lists noncovered digital transactions. It shows proceeds and cost for each transaction, but not the gain. It then adds all the proceeds and costs, and reports the total s...
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I have a broker 1099-DA that lists noncovered digital transactions. It shows proceeds and cost for each transaction, but not the gain. It then adds all the proceeds and costs, and reports the total short and long term gains. But the TT instructions for mailing the 1099-DA say I must report "gain or loss for EACH SALE". If the 1099 already shows the proceeds and cost for each sale, what am I supposed to do, use a hand calculator for each of hundreds of transactions and then hand-write the results on the pdf 1099-DA from the broker?
yesterday
looks like many people reporting this and now me as well. This has been going on for quite a while. I even started a new return and it is still going on. Will this get fixed?
yesterday
When I went to uninstall Turbotax Business... it was not there. know I downloaded it but the install must have failed. I went out to the downloads and it would not download it again. I had the pu...
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When I went to uninstall Turbotax Business... it was not there. know I downloaded it but the install must have failed. I went out to the downloads and it would not download it again. I had the purchase information and download code but it simply said nothing there to download. So, I am stuck.
yesterday
Do you receive railroad retirement benefits? Or....what were you trying to enter when you ended up on that screen?
yesterday
To qualify for the $1,000 government deposit into a Trump Account, your child must be a United States citizen and have been born between January 1, 2025, and December 31, 2028. The child must also ha...
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To qualify for the $1,000 government deposit into a Trump Account, your child must be a United States citizen and have been born between January 1, 2025, and December 31, 2028. The child must also have a valid Social Security Number to be eligible for this one-time seed contribution.
The box will appear for children who are eligible, so double check the birthdate and Social Security Number entered for your child in the "My Info" section to the left of your screen.
yesterday
Thank you to everyone for sharing your learnings. I finally got in but don't know exactly "why" it finally worked. Was it totally blowing away all the history in Chrome? More risky security settin...
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Thank you to everyone for sharing your learnings. I finally got in but don't know exactly "why" it finally worked. Was it totally blowing away all the history in Chrome? More risky security settings? Luck? I lost so many hours fussing and if this was just server overload without notification about what error 590 truly means, TT & ML have done the customer base a large dis-service wasting our time. I too contacted ML and someone on my advisor's team was looking into it but after 24 hours they didn't have any updates. I advised them to end the search since I was able to get what I needed. Not sure if I'm going to risk this next go around with TT. I'm using the desktop version and they sure keep asking to change to the on-line cloud version. Good luck to all!
yesterday
LIVE ASSISTED
https://turbotax.intuit.com/personal-taxes/online/live/how-it-works.htm
FULL SERVICE
https://turbotax.intuit.com/personal-taxes/online/live/full-service/
yesterday
sorry to hear that - TT has really done a bad job getting this sorted out and it's probably my last year with them. hope you get it sorted out soon.
yesterday
How may I delete charitable donations either step-by-step or forms
yesterday
Thank you for clarifying this!
yesterday
Correct, you do not have to report the transfer of your home to an ex-spouse incident to a divorce. See Transfer of your home to a spouse or an ex-spouse.
yesterday
Very frustrating, as there is not a TurboTax notification as to why the property tax credit is being zeroed out. I spun my wheels trying to figure it out before going to another web site to learn o...
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Very frustrating, as there is not a TurboTax notification as to why the property tax credit is being zeroed out. I spun my wheels trying to figure it out before going to another web site to learn of the AGI cap reason. As an aside, not indexing the cap for inflation is just another example of Illinois politicians being deceitful and disingenuous.
yesterday
"So do I answer "0" to the question since I never have made Roth contributions?" Yes. @NewDawn