topic Does selling my rental for a profit effect getting a "Child Tax Credit" break? Turbo Tax shows 2017 as blank for the Credit, this year (2018) I have a $6,000 tax break. in Investors & landlords

Does selling my rental for a profit effect getting a "Child Tax Credit" break? Turbo Tax shows 2017 as blank for the Credit, this year (2018) I have a $6,000 tax break.

tckoelsch1 — Thu, 06 Jun 2019 09:23:53 GMT

2018 had a significant tax change in the child tax credit...

MichaelL1 — Thu, 06 Jun 2019 09:23:55 GMT

2018 had a significant tax change in the child tax credit and amount you could make went up significantly.

So the income for 2017 could impact the credit.

In 2017, the phase out threshold is $55,000 for married couples filing separately; $75,000 for single, head of household, and qualifying widow or widower filers; and $110,000 for married couples filing jointly. For each $1,000 of income above the threshold, your available child tax credit is reduced by $50.

Thank you, that is helpful. One other question, does a b...

tckoelsch1 — Thu, 06 Jun 2019 09:23:56 GMT

Thank you, that is helpful. One other question, does a baby being born the same tax year qualify for the deduction? Our third son was born on June 2, 2017. So I was figuring $2,000 for each child for a total of $6,000.

yes a child born on 6/2/2017 should be entered as living...

MichaelL1 — Thu, 06 Jun 2019 09:23:58 GMT

yes a child born on 6/2/2017 should be entered as living with you all year (12 months), so that could be the issue.
For 2018 it is 2,000 per child, for 2017 it is up to $1,000 per child.