Investors & landlords

I just won a $50k lawsuit settlement.  An interested party is my rental LLC.  I've read that not all legal fees are tax deductible from a personal side but I'm wondering if they are since I paid them from my LLC?   So first question is it better to claim through the LLC Schedule E or me personally?   Second, I believe the money is taxable under a 1099-MISC.  Am I going to be given the money with a Box 3?  I ask because TT does not allow me to enter a 1099-MISC Box 3 "other income."   Or do I have to claim as personal income and reimburse the LLC for the amounts paid thus no legal fee write off?  Please advise.

I did 1031 exchange on 2022. I only need to file federal form 4797 for 1031 exchange boot. It seems CA TurboTax generated CA 8824 and  California schedule D-1( sales of business property) for California adjustments. It looks like CA capital gain are double counted.  Not sure why I have both (8824 and schedule D-1).

How do I report re3ntal expenses on a new property that does not have income?

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Hi,Is my monthly mortgage payment an expense for a rental home?The rent barely covers costs if this is included.Thanks

Rental property - Erroneously selected 10 year depreciation table instead of 27.5 years for 2017, 2018, 2019, and 2020. How do I fix this issue?

I'm in Maryland and this is for Maryland taxes.

We had losses for two of three Sch C businesses over the past couple of years. I thought TurboTax had automatically included the carryover from 2022 to 2023, but I got confused this time around.

My 1099-R from Fidelity Investments for my Roth IRA is reporting a gross distribution, but the taxable amount is zero and the distribution code is "T". Why is TurboTax insisting the gross distribution be included in my total taxable income? It is non-taxable!

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I'm using 2024 Turbo Tax Premier desktop version.  I've entered my vacation rental property income and expenses and the result is a loss.  Schedule E has the following information:Sch. E line 21:  - $14,928  this is a lossSch. E line 22: $0 (this is correct since the income is greater than $150,000)Sch, E line 25: $0 (the decription for this line specfies that lines 21 & 22 are added together. 2 questions:(1) Why is line 25 $0 when it should be -$14,928, the sum of lines 21 & 22?(2) On the Federal carry over sheet the carry over from 2023 is not increased by $14,928 in the 2024 column.   I would expect the 2024 column to show an increase of  $14,928 from 2023.  Why isn't the carry over increased?  

Turbo Tax selects Non Taxable Interest but does not give REASON Code

If I enter $5,000 as allocable and $3,000 as attributable to income, Schedule D, line 18(a) allocates the entire $5,000 to the beneficiary and $0 to the trust, but the K-1 correctly shows $3,000 cap gain distributed.  If I enter $3,000 allocable and $5,000 attributable, Sched D line 18(a) correctly allocates $3,000 to beneficiary, but the K-1 shows less than $3,000.  I can't find any combination of the two numbers that allocates $3,000 to the beneficiary in both the Schedule D and the K-1.  What should I enter?

It is a residential property, not commercial. There's no reason it should be depreciated over 39 years.

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My husband inherited 1/3rd of an annuity when his mother passed. I thought Georgia didn't have an inheritance tax. They are taxing us on the same amount that the federal is. The 1099-R has $197,009.24 in Box 1, $161,679.44 in Box 2a, and $35,329.80 in Box 5. The distribution codes are 4D. TurboTax Georgia is including the amount in box 2a as income. Does anyone know if that is accurate? Thanks for the help!

I donated share of an index fund to a charity. When I enter it in TT, TT asks for the cost basis which is not relevant; I should receive full donation for the value of the securities donated, not the appreciated value.

can I claim a stock capital gain loss in 2025 before April 15 for 2024? 

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I sold a rental property this year. Not sure how Turbo Tax adjusts the cost basis... Where do I report the improvements?

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Is there a difference between turbo tax premier offered by Fidelity? Comparing I bought turbo CD premier each year?

First timer. My mixed-use vacation property was completely furnished for my own use in 2022/2023 before I chose to rent it for a couple of months during 2024. Are any of these furnishings/household items expenses on my 2024 taxes or depreciation items? Do even small items like kitchen utensils/etc qualify? If they are valid expenses related to the rental of the house, are they expensed at Fair Mkt Value? Do some fall under 'normal' expenses or do they fall under de Minimis Safe Harbor expenses? Thanks.

Do I need to prorate rental expenses and property taxes if I only rent out the house for a few months while the rest of the year is vacant?