Investors & landlords

Wife took a distribution this year from her complex trust for first time (no distributions required by trust), but the Schedule K-1 generated by Turbotax Business software for a 1041 and calculates distributions, gives an error message when this K-1 is entered into our 1040 personal return.  Specifically, the qualified dividends (2b) total exceed the ordinary dividends (2a) total on the K-1 generates an error message when entered into Turbotax Premier software.  In addition the K-1 lists some capital gain distribution (not all) for the 1040 which I am not certain is correct.  I thought the 1041 would account for the entire capital gain. 

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I already uploaded the crypto CSV document to turbo tax, but I just don’t know how to find the document I need to upload for stock purposes. All the instructions I see pertain to the Crypto CSV

Can I deduct expenses for a rental property that is no longer being rented?

We want to sell our house:We purchased the land that our house on in May 2022 and made it our primary residence by living in a camper. During that time  we started the process of designing and building house and a work shop.The new house was completed in July of 2024 and we moved in. Land purchase was $200,000House cost about $700,000Shop Cost of $80,000We think we can sell it for $1,100,000. How do we figure the Captial Gains tax?

Hello, I’m working on my tax return in TurboTax and need help splitting a K-1 that has both Box 1 (Ordinary business income) and Box 2 (Net rental real estate income) populated. TurboTax suggests splitting the K-1, but I’m unsure of the specific steps to properly allocate the amounts across multiple sections of my tax return, since both amounts are listed in the same place.There are some supporting statements attached as well. Is there a guide that I could be using for this or what would you suggest where to get started?

I am trying to enter a form 3922 how do I enter this

i dont have any stocks or anything else so i shouldnt owe anything right?

It is not included in my tax returns.

Hi, I have a K1 for a real estate partnership and Turbotax doesn't appear to be able to handle it correctly from what I can tell.  Here's my scenario:1) Box 2 shows a loss (call it -15,000)2) Box 5 shows a small gain on interest (call it 2,000)3) Statement A shows 4 pass-thru entities which comprise the losses, along with some values for UBIA of qualified property, W-2 wages, and other deductions So my three questions are:1) no-matter what I enter, it doesn't seem that the loss on box 2 goes anywhere.  It's my understanding its supposed to go the Schedule E.  Is there a bug or am I doing something wrong?2) for the statement A items (pass-thru entities), it's my understanding I need to create multiple K1s in turbotax to handle this from other postings.  But, I don't see how I can easily do this as I would have to have values for all the K1 form items per entity, which I don't have.  Is there any reason I can't just sum all the items for the pass thru e

Previous years TurboTax version pulled up the individual stock investment transactions where one could adjust the stock cost basis based on reinvested dividends. However, in 2024 that action seems to be missing.

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I started my taxes with Turbotax online and transferred it over to the desktop Home and Business version. I'm trying to file but it says "We can't e-file your return because we are unable to locate the attachment at /attachment/Form8949ExceptionReportingStatement-1.pdf. Please go back and re-attach it. Then try e-filing again." Anyone have any idea what this means and where I find the attachment?

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It was claimed as investment for the last few years but was originally the primary residence.

I'm trying to figure out how Turbotax is computing the depreciation on my vacation rental house.   It comes up with a number that is similar,  but not identical, to the number I compute.    Here's the information it's using:cost: $515,819land cost: $13,721percent of business use: 72%prior depreciation: $6,159 I compute the correct amount as: [phone number removed]1)*0.72/27.5 = $13,146by subtracting the land value out from the basis, multiplying by the percentage of business use (the fraction of days of occupancy that are rentals), and dividing by the depreciation period for residential rental buildings. Turbotax is computing $13,264.   I guess somehow the $6,159 prior depreciation is entering into the calculation, but I have no idea how.   FWIW, the $6,159 was from last year, the year we acquired the property.   We owned it for 0.7083 fraction of the year, and the business use percentage that year was 47.62%.&n

My parents started a grocery store business in 1978.  Many years later, it was converted to an S Corp.  Years later, my parents  gifted myself and two siblings 10% (100 shares) each.  That was increased to 13% (130 shares).  In 2009, the 130 shares were redeemed and replaced with 100 shares.  No money was issued or required for the transaction.  In November of 2024, the 100 shares were sold to the S Corp for a cash value.  My question is how do I determine my cost basis for shares given, shares retrieved and replaced, and eventually shares sold to the corporation?

We sold a rental home for 535K and did 1031 exchange for a house at lesser value due to one member of LLC electing not to be part of new house purchase 315K. The sale occurred 12/23. Last April each of us received a k-1 for share of what I assume is the capital gains difference in the lesser price purchased. This year the member who chose not to be in 1031 got a K-1 for the Boot money that was received.  Am I understanding correctly that the first K-1 was for the capital gains and that the K-1 that member recently received would be from the payment he received?Thanks

is it better to enter rental income on my S corporation or as a schedule E on my personal tax return?

I am a former teacher who retired on 8/1/2023.  In Florida, a bonus for getting an A grade for the school is sent to schools at the beginning of the following year, so, even though I was retired, I received part of a bonus as a retired teacher.  I was sent (at the end of February, 2025) a 1099 NEC form for my tax return.  I am considered a former or non-employee, but received the bonus and it supposedly was sent to the IRS.  I am confused as to how to report this in TurboTax, since I am not a business.  I entered it in the specific area on TurboTax and then it flagged me for not completing Schedule C.  I do not know how to proceed, since I am not a contractor and I am not a business owner!  HELP!   From Florida and trying to meet the extended deadline for filing which is 5/1/2025. 

My issue right now is that, my 1099 B did not include all the information for the Vested RSU,, which was sold. I found the original vested amount of 16. I assume 5 was withheld for tax purposes and only 11 was sold. When I entered the information of the cost bases of when the stock was purchased(vested) and the sold value in my 1099 B it still shows on my income wages that it needs to be reviewed. Finally, I am caught dead in the water trying to figure out why my numbers are not being accepted for my CA Capital Gain or Loss Adjustment for Schedule D in form 540. When I entered the number shown on my 1099 for the cost bases, it still flags and won't allow me to file. I need help with this issue. Thank you in advance for the feedback and support.

How do I back up and redo an entry

I filed a Form 941 and later realized the form had incorrect information. So I filed an amendment on Form 941-X. The problem I have is that the Form 941-X also has incorrect information on it. When I file the 2nd Form 941-X, do I list the values in the 1st 941-X in column 2, or do I list the values in the original Form 941 in column 2? If I do not have a copy of the 1st Form 941-X, is there any way to get a copy of it?