Tax Credits and Tax Deductions | TurboTax® Support

Deductions & credits

Maximize Personal Tax Deductions: Itemized vs Standard

If you’re confused as to whether it’s better to take the Standard Deduction or Itemize Deductions on Schedule A, you’re not alone. Personal tax deductions include such things as charitable donations, mortgage interest, property taxes, state income ta... read more

Dependents: Children, Relatives & Others

If you want to get those juicy dependent tax credits and benefits, it’s important to get it right. Getting it wrong can create an IRS mess you don’t want to be a part of - trust me on this one! If the result isn’t in your favor, not only will you lik... read more

Charitable Donations: A Tax & Giving Win!

It’s always wonderful to donate to charitable causes. But did you know that the type of organization you donate to can actually make a difference on your taxes - and even whether or not you can actually deduct it? For example, donating cash through a... read more

Favorite Tax Deductions & Credits for Families!

Everyone knows there are tax benefits to having children and dependents and some are pretty amazing! If you’ve ever had questions about the popular Child Tax Credit (CTC) or Earned Income Credit (EIC), this is the place to be! TurboTax does the think... read more

Tax Deductions Worth Looking Into!

It seems the most popular question at tax time is “Can I deduct this…?”. Of course you don’t want to pay more taxes than you need to; and you want to get all the tax deductions and credits you’re entitled to take. The resources below have helped many... read more

Aircraft depreciation

I have a Hot Air Balloon I purchased in 2022 for business and personal use. 50/50. It was purchased in my LLC. When entering it into the TurboTax Home and Business, what asset class, and depreciation method would be entered? Also, purchased at the sa... read more

When do the deductions start for One Big Beautiful Bill for the deductions on paying a car note? Also, would that include my Chevrolet Tahoe and Indian Motorcycle?

No Place to Enter Small Employer Pension Plan Startup Costs

Under Other Business Situations --> Other Business Credits is the sub-section Pension plans - Startup Costs, Auto-Enrollment, and Military Spouse Participation Credits. Clicking to update this sub-section leads to a screen saying the following: "Smal... read more

Where do I input the gross proceeds and Cost or other Basis Transactions?

Where would I put the $5,049.07 and $4,775;87 amounts?

Where do I input the gross proceeds and Cost or other Basis Transactions?

Where would I put the $5,049.07 and $4,775;87 amounts?

Taxes for selling property in Spain?

Hello, I am a Spanish citizen, but US resident (green card). I live and I pay my taxes in the US, and this circumstance is not going to change anytime soon. I'm selling an apartment in Spain, that I own along my four brothers. The buyer has to retain... read more

Michigan Tax on sale of property overseas

In 2024, I sold a residential property in India and got substantial Long Term Capital Gain. I had not resided in that property for over five years. However, I paid tax on capital gain to the Indian authorities.IRS permits me to set off the tax paid i... read more

Income

The State of Missouri no longer pays me for 2 minor children. I was their paid caregiver before the demise of their parents. I am on SSI and receive payment from survivor income of these 2 children who is in my care. Even though their survivor income... read more

Why is it that during the review, it shows $0 for form 4684 (natural disaster), even though I entered $3350? Everything is entered correctly. This is for 2024.

Mistakenly said I no longer had an interest in a rental property LLC

I mistakenly said I no longer had an interest in a rental property LLC. Is there a way to add back the link to the prior years' information for that LLC or must I do that manually? How can I add back the carryover information (passive loss - anything... read more