If either spouse dies and the surviving spouse has not remarried prior to the date the home is sold, the surviving spouse can count the period thedeceasedspouse owned and used the property toward the ownership-and-use test. TurboTax Tip: ...
It’s happened to many of us at some point—you may be walking along a street and look down. Lo and behold, there’s a $20 bill in your path. Or maybe it’s a silver bracelet. Either way, it’s found property. The tax ramifications of finding a $20 bill
TurboTax is one of the most trusted tax prep software available. It’s priced based on how much assistance you need and how complicated your taxes are. They have a Do-It-Yourself plan, a Live Assistance plan (that lets you ask a tax pro questions), and a Live Full Support plan where ...
individuals who’ve sold any stocks or investments and are required to update the cost-basis data on their Schedule D will automatically be upgraded to the Premier service at the right time. This tier helps you to file a Schedule E in case you receive rental property income. Also be sure ...
I sold my home I had canceled debt I received alimony I gambled and won! Education Expenses I attended a college I paid college tuition for a dependent Itemized Deductions I owned my home I experienced a federally declared disaster I owned a vehicle I donated to charity I visi...
While a 1031 exchange defers taxes, your tax obligation isn't eliminated. Taxes are generally due if the replacement property is sold, unless the proceeds continue to be reinvested through additional 1031 exchanges. What is a 1031 exchange?
In most cases, you’ll need to take an inventory at the beginning and end of your tax year in order to deduct the cost of goods you sold. However, if you’re considered a “small business taxpayer,” you don’t have to keep an inventory (although you must still use a method ...
If you're selling a rental property, you can generally deduct the cost of managing, maintaining, or preserving the property until it's sold. But if the property isn't held out and available for rent while it's listed for sale, the expenses aren’t deductible as rental expenses...
Buying a second home? TurboTax shows you how mortgage interest, property taxes, rental income, and expenses will affect your tax return.
Learn where to file state income taxes, even if you're in the military, or earned money in multiple states. TurboTax will calculate how much you owe to the different states where you have earned income.