Investors & landlords

I lived separately from my husband during ALL of 2025. I currently reside in Texas which is a Community Property State. I have been living in Texas for the past 3 years, however my home of record is Florida. I own a home in Texas and I also have a Texas drivers license. I DO NOT OWN A HOME IN FLORIDA. The home was purchased during our marriage and we were married for 7 years. I recently divorce in March of 2026. Since we were married for all of 2025, I'm aware that I do need to file a Married Filing Separatee (MFS) tax return. 1) Do I still have to file Form 8958 since we lived apart for ALL of 2025? 2) Am I exempt from filing Form 8958 since my Home of Record is Florida? 3) If all applies, is their a work around from filing Form 8958 (for example an EXCEPTION for Military employees)? 4) Do I qualify for Community Property Laws Disregarded stated in Publication 555 page 8 OR Spouses living apart all year rule on page 8 of publication 555? I am still Active Duty and both of us

In 10/2025 property A was sold ,  did a 1031 exchange and filed an extension of my 2025 tax return because I am not sure what to do with this situation.  In 2/2026 property B was sold, did a 1031 exchange and both 1031 exchange was completed on 05/01/2026.  My questions are:1).  Do I complete 8824 for my 2025 tax return? 2).  If the 2 relinquished properties are exchanged for one property, should 2 properties be reported in one 8824? Should this be reported in 2026 tax return since both of the exchanges were completed in 05/01/2026? or do 8824 for Property A in 2025 tax return and do Property B in 2026 tax return?In Section 111$465,000 is the combined total of the relinquished  property (A&B)$500,000 is the replacement property Please let me know.Thank you,  

No text available

I need to talk with a live agent

Lived in HI less than 3 months in 2025 and here on PCS orders (DoD civilian) and trying to file HI state taxes, but the "Hawaii Rental ID" page populates my FL home info and I don't see where I can edit or even delete. Any help is much appreciated!!

I have a mixed-use vacation rental (placed in service in late 2020). I’ve used TurboTax each year.What I’m seeing:Schedule E line 18 (depreciation):2020: depreciation shown (small amount)2021–2024: 0 depreciation each yearTurboTax Smart Worksheet shows a growing carryforward:“Prior Year Non-Deductible Expenses” (~$119,000 total)broken into vacation home depreciation carryover + operating expense carryoverContext: 2020 was a partial year (owned ~1 month), so income was low but expenses and some depreciation existed.My confusion / concern:Is it normal for depreciation to show as zero on Schedule E for multiple years in vacation rental / mixed-use cases, even when the property is still active?Does TurboTax sometimes move depreciation and losses into worksheet-based limitation tracking instead of showing them directly on Schedule E?Most importantly:Are these Smart Worksheet carryforwards actually transmitted to the IRS in filed forms (e.g., Form 4562 / Form 8582 calculations), or are they

I purchased a residential rental property in 1981 for $72,000 and took depreciation.   In 2004 I sold the property for $172,000 and purchased another residential for $172,000 within 45 days of the sale of the old property.   The basis of the old property was $23,000.   How do I calculate the basis of the new property?   I know the $23,000 carries forward.   Since the selling price of the old property was $172,000 and the purchase price of the new property was $172,000, is there zero "buy-up" to increase the basis?   Or does the difference between new property purchase price and the old basis represent "buy-up" ($172,000-$23,000=$149,000 buy up) providing a new basis of $172,000 ($23,000 old basis plus $149,000 new basis)?   Using desk top TurboTax for Form 8824 it says my new basis is $23,000 but other TurboTax discussions say the new price represents a $149,000 buy-up in basis.

... for a rental property put into service 1/2024.

I bought my primary residence in 2005 (30-year loan), refinanced in 2009 (30-year) and Feb. 2013 (30-year). Two month late in April 2013, I converted it to a rental property. Then in 2021 I refinance again (15-year). I did not claim rental depreciate at all. I also did not amortizing the closing costs except for 2021 refinance. Now I plan to file Form 3115 with a section 481(a) adjustment to correct all my mistakes in the past.My questions:1> When calculating the adjusted basis for missed depreciation, which years’ and what part of closing costs can be added to the basis—just 2005? 2>  Which 2005 purchase closing costs can be amortized, and over what period given 8 years as personal use? 30 - 8 = 22 years?3> Can any 2009 refinance closing costs be amortized, and if so, how (26 years, since there were 4years of personal use)?4>  Do I treat the 2013 refinance similar way as 2009 refinance? ( 30-0.16years = 29.8years? since 2 months used as personal use)thanks f

No text available

A Connecticut court in 2025 determined our loss of income and damages for a home we rented to a tenant in 2019-20. We received no money and could not evict the tenant due to COVID. The home was not rented while repairs in 2022-24 were made which totalled $90,000 and insurance only covered $2000. Last year we made about $22,000. Can we deduct the $90,000 loss from that and is there a way to carry forward the uncovered loss to next year?Thanks for your reply.

Hi, I have been renting out my house for a couple years now, and am looking to move back in beginning of 2026.  The tenants destroyed all the existing appliances washer, dryer, refrigerator, microwave, oven, etc.  I purchased them all (Thank you Black Friday sale!) in November.  The tenants were served an eviction notice in November before the appliance purchase to be out end of December, assuming they are out by that time and I move back in January 1st. Is it possible to write these appliances off? Really appreciate any help on the matter!

No text available

What could we deduct from our RV as we would be paying for it as well and treating it as a second home?

No text available

I inherited a small interest in 6 publicly-traded partnerships in 2025.  I immediately sold them once they were transferred to my brokerage account.   The broker included those sales on the 1099-B they provided although the form indicated the basis was NOT provided to the IRS.    My thought was to report the basis as the values of each partnership on the date of my father's death on Schedule D.    Doing this would result in LOSSES on every one of the sales.   I then received a K-1 on each of the partnerships.    However, the K-1 lists its own very different basis for form 8949.   Using those numbers as basis instead would result in GAINS on all the partnerships.   Right now I entered the sales from the 1099-B into Turbo Tax just like any other stock sale but also entered the K1 info into the section on partnerships.    Is this right because I have losses on the former and gains (extra income landing on

I found a previous question that was similar, but there are no options to save/print everything, and all of these files are missing the form 4562.

I entered into a Section 1031 exchange in 2024 where I sold an investment property and deferred the gain by purchasing a new investment property through a Section 1031 exchange.  I reported the Section 1031 exchange in my 2024 tax return. How do I handle this in TurboTax in my 2025 tax return?  I understand that the passive losses should carry over to the property purchased and my tax basis in the property purchased should be reduced by the deferred gain.  What I don't understand is why TurboTax still shows the property sold in 2025? Would appreciate any advice on how to handle this in TurboTax in 2025.  Do the passive losses just have to be manually transferred from the old property to the new property and how do I get rid of the old property in TurboTax without tax consequences?  

Hello, I am a shareholder in a subchapter S corporation. The S corp's 2025 K-1 (1120S) distributed some passive credits in 2020 - 2022.  TT Deluxe (Windows desktop) did not bring these passive credits forward from last year's return, so I entered them on Passive Credit Entry Worksheet Form 8582-CR, and they appear on line 4b of form 8582-CR.   Since I have no 2025 taxes generated by passive income, I cannot use those credits this year, TT properly computes $0 credit allowed on line 37 of 8582-CR. What puzzles me is that the Form 3800 Part VI worksheet shows the credits but doe not carry them forward. Form 3800 Part VI has an three rows with entries correctly showing the originating tax year (column b), the pass-through entity EIN (column c) and the carryover before the passive activity limitations (column d). But the after passive activity limitation values are all 0, columns f, g and h are all blank, and so column i, the carryforward to 2026, (e + f) minus (g

I own and live in a 2 bedroom condo and started renting out the 2nd bedroom in September. Earlier in 2016 I remodeled most of the unit (big ticket/tangible items: flooring, kitchen cabinets/counters/appliances, bathroom cabinets/vanity, fixtures). I would have remodeled the unit anyway regardless if I ever rented out the other bedroom. But since I do rent out the other bedroom, can I legally claim any of these remodeling expenses as deductions/depreciation, or is it best to leave the remodel out of the picture? It certainly seems complicated when I go through TT and attempt to insert these expenses, even after calculating the days rented and the percentage of home that is rented. Thanks.

Getting this error on all my assets: Form 4562 Depreciation Options - Asset Entry Worksheet (Asset Name): Qualified Prop 100% & 50% should be blank. This asset is not qualified property for the special depreciation allowance. All these assets are carried forward from my 2024 tax return

No text available

Hello — I’m reporting a software issue in TurboTax Deluxe (desktop/web). While entering investment income, I entered a 1099-DIV (from a MyRaceHorse investment liquidation). After that, the Investments section became locked in a “Let’s finish pulling in your investment income” screen. There was no visible option to cancel, skip, or choose manual entry. I was unable to access the 1099-B section to manually enter the sale. I attempted the following: Logged out and back in Used Search → “Jump to 1099-B” Navigated through Wages & Income multiple ways Tried to delete forms (none existed yet) The system continued to force the import workflow with no exit, effectively blocking manual entry of a valid transaction. As a result, I had to use a workaround by entering the loss as “Other reportable income (negative)” instead of reporting it correctly as a capital loss on Schedule D. This appears to be a UI/workflow bug where initiating or triggering the investment import flow prevents manu

I had a loss several years ago and each year I continue to get a -$3,000 credit on line 7/7A. Why is this and how long will this go on?

Why is my losses on my short term rental not counting against my income