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Level 2
March 25, 2025
Question

Various questions

  • March 25, 2025
  • 2 replies
  • 10 views

Daughter on my TT makes under $50 K can she file her State for Free and how to notate on TT while mine will come with the program? Same with Sons what is the minimum amount?

Selling vacation home loss

Moving loss

Work lunches not reimbursed

Work mileage not reimbursed

    2 replies

    Level 15
    March 25, 2025

    You have not told us if you are using online TurboTax or desktop download--which affects some of the replies you need.  What software are you using?

    **Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**
    Steve LSAuthor
    Level 2
    March 25, 2025

    Purchased Turbo tax downloaded online to my laptop. Thank you. 

    Level 15
    March 25, 2025

    If your daughter makes under 50K and all she has is a W2 she shouldn't have any problem filing federal and state returns for free.  The online program starts with the free version and only increases to a higher cost version if additional forms need to be added.  Be aware - sometimes there are things deducted on a W2 that add forms to the return and can cause her to lose the free version.  The program will announce if it needs to upgrade.

     

    The minimum amount to file in 2024 is $14,600.

     

    Your program comes with the ability to file five returns.  But they all need to be on your account.

     

    You enter the sale of a home at the bottom of the wages and income section of your federal return under "Less Common Income".  Because this is a vacation home and not your primary residence you're going to pay taxes on any profit.

     

    Moving expenses are no longer deductible on the federal return.  They may be for your state.

     

    Employee expenses are no longer deductible on the federal return.  They may be for your state.

     

    @Steve LS 

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    Steve LSAuthor
    Level 2
    March 25, 2025

    Can I deduct the loss I incurred with the vacation home when selling and if so, how?  

    MaryK4
    Level 15
    March 25, 2025

    No, a loss on the sale or exchange of personal use property, including a capital loss on the sale of your vacation home is not deductible.  @Steve LS 

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