You’re in great company if you’re thinking about joining the rapidly
expanding group of real estate investors. Whether you want the adventure
of becoming a full-time landlord or simply looking to make a little
extra cash by renting out a room - or yo...read more
Since I'm not sure what date the distribution was made, I'm not sure if
I split it in half and put half on our NY return and half on our IA
return? We moved to IA from NY on 7/28/2015.My question would also apply
to how we handle the interest income ...read more
I’m going to start by trying to ask a general question, and then I’ll
give details on why I’m am asking: Q: If all transactions in the 1099-B
“Proceeds from Broker” section do not have a reported cost basis and
instead turbotax uses the transactions ...read more
cj5Posted Friday
| Latest post 2 hours ago by
cj5
This past year we started renting out space above our attached garage.
We rented it in Sept, Oct, Nov and December and that space represents
about 23% of our overall square footage of the house.In TT I entered the
following:1. Its a single family )ho...read more
I am filing an amended return via Turbo Tax. I have entered an amount
from box 12 from a 1099-DIV (exempt-interest dividends). Turbo Tax is
counting this as income that is taxable by the IRS. It is telling me I
owe taxes on the amount listed in Box 1...read more
mdamesPosted 6 hours ago
| Latest post 4 hours ago by
mdames
I shared 1/2 of my house for 1/3 (4 months) of the year. How do I
calculate what fraction of expenses (property
taxes/insurance/utilities/maintenance/supplies) I may deduct? My
inclination is 1/2 * 1/3 * total annual expense, but would like to
clarif...read more
Turbo Tax is incorrectly calculating annual depreciation on my rental
property and I don't know how to fix it. It seems this is a fundamental
flaw with TT 2025.
I need to specify that I get a k-1 from a company that is involved in
trading in financial instruments or commodities per 1411(c)(2)(b). The
effect should be that when calculating NIIT on Form 8960 4b to not
offset 4a. Form 8960 Line 4b is for: "Net ...read more
We have been using personal vehicle for business. This year I realized,
the depreciation is not entered correctly in the system or maybe i am
missing something. How do i fix it. I don't think the car is 100%
depreciated and the 6 year depreciation is...read more
I'm using TurboTax Premier (desktop) for TY 2025 after my CPA announced
her retirement. She produced depreciation tables for various DST
(fractional real estate) assets thru TY 2024. When I enter the assets
and property types, TurboTax returns the co...read more
Turbotax appears to be double-counting mortgage interest and real estate
tax for my primary residence where I rent two spare rooms for airbnb. I
both use the property as my primary residence and rent out part of the
property (basement). Is there a wa...read more
The error checker says that I had indicated that this is an
owner-occupied rental property, thus personal use days can't be more
than zero. I don't remember telling turbotax this. How do I fix this?