Investors & landlords

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Forgot to include monies received from social security in 2024 tax return for my wife and I.  My tax return was accepted by the IRS  yesterday.  What do I do now?

I have two accounts with Charles Schwab and Wells Fargo.  An individual and join. This is a joint return. Only my individual account data is importing. I need both accounts. This hasn't been a problem in the past.  This is why I paid to get software.

Hello, I am currently working on the 2024 tax report for LLC. I noticed that one of the partnership's basis statements shows a negative amount after deducting the current year's net loss, as reflected in Schedule K-1. Is this normal, or do I need to make adjustments elsewhere to ensure the ending capital account does not fall below zero? Thank you.

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Is it just me or are there a lot of bugs and problems with TurboTax 2024 (Premier, windows)? Quality seems to have gone downhill. For example,Questions that are unclear why they want to know.If you have to download your brokerage info a second time, TT doubles up on the information from retirement accounts and after you you see your taxes explode, you have to search and make the correction yourselfRelated to brokerage downloads, I have 4 accounts with Schwab and all are listed exactly the same in TT as "Schwab" with no separate identification or account number. Same with other brokerage firms.They still have not solved the draconian K-1 problem where you have to enter a single K-1 twice. Foreign Tax credits is totally confusing as they do not show you how the appropriate credit is calculated.Related to that, clicking on a calculated number does not always show you how the number is calculated or direct you to the appropriate form.  I realize the tax code is complicated,

We stayed in out first home from Jan-June 2024 and moved into a second primary home in June and rented the first home from July-Dec'24. Here is how i calculated mortgage interest, please let me know if this is correct.  First home ($ numbers for illustration purposes only)Total Interest paid on 1098: $1000% rental days: 50%Mortgage interest expensed on Sch E for rental : $500Mortgage Balance beginning of year: 220kMortgage Balance end of year: 180kAverage Balance on first home: 200k Second HomeMortgage interest paid total in 2024=10,000Mortgage balance beginning of year: 800kMortgage balance end of year: 700kAvg mortgage balance on second home: 750k  Total mortgage balance average=200k+750k=950kMax mortgage for houses after Dec 2017= 750kRatio=750k/950k=0.78Mortgage interest I can deduct= 0.78 *(personal use interest from first home*mortgage interest from second home)=0.78*($500+$10,000)=$8289.4 --->this is the deductible mortgage interest on Sch A &nbs

where is form 8949 on my tax return

I sold a vacation property

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Sold a 50/50 ownership in 5 acre of raw land with my brother in 2024. The title company advised they do not issue a 1099-S advising to use the Affidavit of Property Value when filing. The land sold for $10,000 minus commission & another fee took the price down to $8,000 each of us received $4,000 each. How do I go about filing this? Do I file the $4,000 and not the full sale price of $10, 000. I am assume that the Affidavit of Property Value is reported to either the IRS or with the state revenue dept. Any tip and can this type of transaction be filed using TurboTax?Thanks,K

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I calculated my capital gains by hand and the summary page for 2024 is correct at appx 31000. However, when I complete the gains and dividends section, turbotax is telling me that I have 57000 in capital gains. What's happening?

These are personal items, not business items.

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I am doing a MFS tax return and my AGI is ~$60k. My total rental loss on schedule E is $17k, but TurboTax is only letting me deduct $1.2k worth of it. Why is this? I do not materially participate in the rental property.

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I reside and conduct business (self employed) outside of New Hampshire. No business was done in New Hampshire.  The only income generated in New Hampshire was from an inherited house sold in New Hampshire. Trying to use Turbotax Home and Business software to see if capital gains tax is owed in New Hampshire but it immediately assumes I need to a Business Enterprise Tax Return for New Hampshire. How do I let this software know this?

My brother and I inherited a brokerage fund (not IRA) when my father passed away. We each received half the fund and both liquidated it. We only received one 1099-B form addressed to both of us, that shows the total amount liquidated. How do we handle our personal tax reporting, since both of us are responsible for one=half of the capital gains? 

I own a daysailng charter business.  The last couple years I have been "renting" the slip that I own from myself for the charter business.  This year I see if I pay more than $600 rent I have to send my landlord (myself) a 1099-MISC.  Is this for real?  I just found out about it, so obviously I didn't send myself or uncle sam a 1099.   Do I need to worry about it?   

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note that his rental payment covers less than half our expenses for the second home.