For example ; millions of people have investment properties that they fix up and sell ; ie flip. not rent out. But TT still doesn't ask you that question they only ask if it 's your main primary home, 2nd home , Land , etc. NOT just a bought , fixed up and sold. I see the same question year after year. So here the correct path on TT HB 2025 . GO to Investments , click the "OTHER" box ( Land,Second home, Personal Items ) , this is where they want you to call them to pay them to tell you this. It's set up not for real estate but stocks. They ask about Financial Institutions , rather then having a box to check that says " NO FINANCIAL INSTITUTION" you have to type this in, then you will put in the address of where it asks for description , rather then asking for address of the property. Then put in the COST BASIS ( Purchase price plus all other expenses to fix it up, closing costs, carrying costs, realtor commissions etc) and then the sold price ( they call it “Proceeds “) NOT the amount of the check you walk out with, the Contract price.
#2, Huge Flaw . Most businesses have vehicles to write off , but they DON"T tell you is, that if you don't check "YES", to " DO YOU KEEP PERSONAL RECORDS OF YOUR MILES '' you can't go forward in there program, to write off the vehicle under section 179. It took hours to figure this out . They could easily put a notation mark there and mention this , but not again , they want you to call and pay to ask them this or ask why it isn't working. To get here , you have to choose the "ACTUAL EXPENSES" over standard mileage. Again, why NO NOTATION mark to tell you this. Also , they don't ever mention or use the wording Section 179 .
#3. They always ask do you have any other forms you need ? That's why you and I are paying them to know that , they need to be asking more questions. How would I know if I need more forms or not? They say go to there forum to get the advice which they don't want to give you unless you pay them so they make you hunt it down to get it. These are not Flaws but purposely done this way to make them money and pay for a simple answer rather then just making it more clearer, better questions and /or some notations.
Hopefully this information about the Properties and vehicles will help you. I don't where this will go if anywhere, But if you liked it , thumbs up I guess. I reposted this to clarify the Cost basis , as I couldn't edit the first post.
