Hi All, Is anyone else having trouble with line 8e of the Schedule CA 540 not adding a through c together, only taking c? I think this may be an error in the software where its not combining the full interest amounts allowed for state deduction?
Hi folks, Problem: I have two RE properties but FreeTaxUSA UI asked me to input RE depreciation params only for the rental property and not the primary house where I live. Is this a miss on my side or perhaps IRS allows to depreciate only one house per tax return? Context: I have two real estate properties - one is primary…
Searching this community, I found from a previous answer that FTU will automatically credit any excess social security paid by my employers. I know that if there was just one employer, I would have to seek recourse through them but for 2024, I have three employers. All three overpaid by quite a bit, per my FTU W2 summary…
Hello - I believe I have found a possible issue/error with FreeTaxUSA 2024. I made a large amount of charitable contributions in 2024 in the form of donated stock - or Capital Gain property. According to the IRS, deductions for Capital Gain property are supposed to be limited to 30% of my AGI, with the rest carried over to…
I live in an old house that is owned by a family member. I had purchased a new electric boiler and had it installed in 2024. Although I do not own the house, I currently live in it and it is regarded as my permanent residence. Would I still be able to qualify for a tax credit?
I invested in a film back in 2008 that never showed a profit. I received one k-1 in 2009 with a small return and used Form 8582 to report it, but have not received one since and have not been able to track down anyone related to the film. I would like to write-off the remainder of my investment here in 2024. How do I claim…
Minnesota still allows a deduction for private insurance payments, but I’m not sure how to add this amount to my state filing. The tax software system doesn’t let me include it under Form 1098 since there’s no longer a federal deduction for this. Does anyone know how to handle this?
Hi, We’ve recently bought a house in CA and are thinking of paying property tax before year-end and deduct it from our CA taxes. We won’t have enough to itemize Federal taxes, but the amount will be above CA standard deduction. Two questions: 1. Can we still itemize CA deductions even though we’re taking standard Federal…
An inherited home was the primary residence of the decedent. It was sold 4 months after the inheritance at a loss from the FMV at the time of death. It was vacant during this time. Is is treated as a long term capital loss (investment property) or can the loss not be claimed (personal use for the decedent)?
I have had no luck chasing down details for a specific holding. I have received from my brokerage a 1099 that details my dividends received, and the total foreign tax withheld. One holding, VTIAX, is spelled out very plainly - 90.77%. I've taken that and multiplied it up against my total dividends for VTIAX to get THAT…
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