The sale of a business is comprised of the sale of individual physical assets (if any) and the sale of intangible assets such as goodwill. You will need to tell TurboTax you've sold the business and then record the sale of any assets or goodwill. To tell TurboTax you've sold the business Go into business income and expenses and edit your business. Click on update your Business Profile Scroll down to Disposed of Business in Current Year and click edit Indicate that you sold your business in 2015 To record the sale/disposition of goodwill and any other assets Regarding the Goodwill that was previously entered as an asset in a prior year; Edit the asset and at ‘Tell Us About This Asset’, indicate the item was sold, retired etc and enter the date you sold your business. At ‘Enter Asset Sale Information’ enter the Sales Price (if any) that was allocated towards Goodwill. If none was allocated towards Goodwill, enter zero.   You may also wish to review TurboTax Tips on Closing a Business ... View more

You will need to associate your business with either you or your spouse if yours is a single-member LLC and considered a 'disregarded entity' by the IRS. The IRS generally considers any income from a single member LLC to belong to the single-member of the LLC when it is reported on a Schedule C under Business Income. If yours is not a single-member LLC that you should first be filing your business return as appropriate (C-Corp, S-Corp, Partnership etc) and then report your portion of the LLC earnings on your personal return via the K-1 issued to you by the LLC. ... View more

Yes, you can count display items as business expenses. Your starter kit can be included as a regular expense since you got it at/near the same time you started your business; start up costs are for costs incurred prior to starting your business. Whatever your kit is mostly comprised, office materials or advertising for instance, is how you would categorize it.  If the display items are strictly for display and not for sale, you can count them as advertising or enter them under "Other expenses" with a Display Items description. ... View more

If you are considered a real estate professional and filing a Schedule C, you can deduct the taxes and insurance. If you are not, you must wait until you sell the property. Since this was purchased as an investment to fix and resell, you add the carrying costs including mortgage interest, property taxes and rehab expenses to the basis of the property. When you sell it, all of these costs (and others from the purchase) become part of the adjusted basis for determining gain or loss on the property. Property taxes are added to the basis and are not deductible on Schedule A since they are considered a business expense, not a personal one, because of the status as an investment property. Next year you will report the sale under the investment section unless you are considered a real estate professional; if you need directions at that time, please post a new question.  Until the property is sold, you do not report any expenses from the purchase or updates you have completed except as noted above for real estate professionals. ... View more

Unfortunately, there is no way to amend your return a second time using the same .tax file. You will need to create a 2nd 2013 tax return and make it exactly match what your return said after it was amended the first time.  After you have re-created your 2013 amended return, you will be able to amend it. If you need them, we have instructions on amending in the following FAQ. How to amend a return you already filed ... View more

If you didn't purchase the house and shortly thereafter use it as a rental, then yes, the assessor's website is an excellent tool to determine fair market value for the property and the land. Most county assessors have property cards that are available online for free. You’ll be able to find the breakdown of land, improvements (house) and total value. This is a good source to use. Some assessors have assessed values that are much lower than the market value so when you look at your property card information, make sure you are using market value if it's different that the assessed value. When you see the property card, somewhere on there will be the land value, improvement value and total value. It will tally like this for example, $15k (land value) + $95k (improvement value) = $110k Total value. In our example, you would enter $110k for the fair market value and $15k for the land; TurboTax will do the rest of the math. To find your property card, google the following: [your county] {your state] property tax records. If you lived in Montgomery County, Maryland, you would search for ‘Montgomery County Maryland property tax records’. Look for your county assessor’s office in the first few links. When you get to the assessor’s page, look for something like ‘Search Records’. You should be able to search by owners name or address. ... View more