Tax Credits and Tax Deductions | TurboTax® Support

Deductions & credits

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

Cash gift to kids in my family

As peras mentioned in https://www.irs.gov/businesses/small-businesses-self-employed/freque[product key removed]ions-on-gift-taxes, you do not have to report to IRS if your cash gift is below the $17K amount for the year 2023. If I have been gifting f... read more

What is the correct procedure to write off a Ponzi-Scheme investment lost in our personal income tax?

My husband is a victim of the Ponzi-Scheme investment. He invested 500K in 2022 which created a huge tax burden on Federal and MA state income taxes. He could not get a penny out of his investment account to pay for the huge amount of tax a few weeks... read more

Nonqualified Use concerning sale of home

I purchased my home May 2012 and lived in it until November 2016. At that time I rented it until I sold it in 2023. Since it was my primary residence initially, can I take the Section 121 exception?

Gift Tax Considerations for a $220k Lump Sum Mortgage Payment Gift from a Friend

My friend plans to pay $220,000 directly to my mortgage company as a gift, but I'll still have mortgage payments to make. Would I need to pay gift tax on this amount?

Can you deduct expenses of prescriptions imported from another country (by mail) if drug is FDA-approved, and have valid doctor's prescription for your personal use?

FDA personal importation guidelines only state that it's "illegal in most circumstances" because the drugs are "not approved by the FDA". No guidance found on medication ordered internationally rather than domestically from a country that controls th... read more

Can I claim the EV credit for my LLC using Turbo Tax Home & Business?

I'm filing my taxes using Turbo Tax Home and Business. I'm filing jointly and my AGI is higher than the IRS limit for the EV credit. However I purchased this vehicle for my LLC and I'd like to claim this credit for my business. I can't seem to find a... read more

Furniture purchased for rented space

The two members/partners of an LLC purchased about $2500 in furniture used in rented space for their salon services. Does the furniture (chairs, sofa, countertops) need to be entered on Form 1065 as a fixed asset or as an expense. If an expense, I am... read more

Form 1065 Schedule B - Type of Entity

Hi folks, there are two partners operating a business and it is organized in the state of Tennessee as a "Multiple Member-Managed Limited Liability Company". I am not sure whether to select "Domestic limited liability company" or "Domestic limited li... read more

Is anyone aware of any fix for Turbo Tax 2024 Deluxe mortgage interest deductions not calculating on Schedule A?

Expected TT to update software online assist.

Can i change to standard deduction

can i correct to standard deduction

Schedule K-1 - allocation percentage - Sales, Tips

Hello, so far I have not seen a way to subcategorize income for allocation purposes for an LLC partnership on Schedule K-1 The partnership agreement simply states that all profits are split in half (two-member LLC). But I know each of the partners ag... read more

It's Deductible Mobile App & Stock Donations

My iOS It's Deductible mobile app doesn't show stock donations although they are showing up in the online version of It's Deductible. Is this a known issue, or just a limitation of the mobile app?

about primary residence for Publication 523

Hi IRS primary residence definition is vague. I am finding hard time find out my the last date of primary residence for Publication 523 tax exclusion. I purchased my pervious place in 2018 and current place in 2021. I changed my USPS address on May/2... read more