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
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
I have some bonus for foreign insurance policy and I have reported that
on form 8938. Is bonus considered gains or interest? Where should I
report this on 1040? Is it similar to how we report stock gains i.e. on
Schedule D? How to do that on Turbotax...read more
sourav93Posted Saturday
| Latest post 23m ago by
pk
So I opened a joint bank account under my daughter's name with her as
the primary owner and it's under her SS# and she is under 10 years. I
file her as my dependent on my yearly taxes. She currently few thousand
in her account that was transfer over ...read more
I recently filed my taxes and everything went fine. unfortunately I made
a slight mistake and named myself a dependent under my parents when I
would be classified under independent. my tax return was filed and
accepted as were my parents who filed bu...read more
WilzenPosted 5 hours ago
| Latest post 4 hours ago by
DoninGA
Hello. I am a real estate professional actively engaged in business. I
inherited a condo in 2022 and throughout 2023 I personally made both
improvements and repairs to the property. I also had less income than
expenses in 2023 - i.e., the repairs and...read more
bulyPosted Thursday
| Latest post 5 hours ago by
buly
Hi , i used turbo tax software .Tax Year 2020 form 4797 sales and
disposition of business property part 1 line 7 was a loss off $ -
42447.00. from line 7 computer automatically moved loss to part 2 line
11 and from there to line 17 and finally to lin...read more
I am having an issue with the software where it asks questions about
dependents. When it gets to the section and asks Was he a Full-Time
student in 2023? If you are truthful and say no it removes him from
every aspect of the dependent. If you say yes...read more
Hi,This is for Tax Year 2023 using TurboTax Home & Business Desktop
(Mac).Problem: TurboTax calculates by Foreign Tax Credit to be $0.
Here's my situation:I received bank interest from some foreign banks. I
paid foreign income tax on the bank interes...read more
gmangeshPosted Wednesday
| Latest post 6 hours ago by
pk
how does the IRS define one to be an expat? I have NOT renounced
citizenship, but i simply reside/lived outside the US for more than 330
days of the year. When i file, I still use a US address though. Does
this mean i get an automatic extension or do...read more
ericgrosmanPosted Friday
| Latest post 6 hours ago by
pk
I am an author who prints and drop ships new books to a 501c3 that takes
the books and distributes them as part of their mission. The donated
books are not resold. These books are also available at retail online
and have a verifiable retail value the...read more
dadmanx4Posted Thursday
| Latest post 7 hours ago by
Opus 17
If I receive $70K gift from parents in a foreign country and my spouse
receives $80K as well. Do we need to file Form 3520? If Yes, does this
form need to be submitted with tax return or can be submitted before tax
filing? (e.g. If money is received ...read more
Hello, I was trying to buy a new construction property as an investment
and a rental house. I spent $20,000 for earnest money and $30,000 as
deco deposit. However the transaction failed since the interest rates
kept high and I terminated the transact...read more
hiakiuPosted a week ago
| Latest post 7 hours ago by
Kaluk