We have a rental property that is owned by an LLC. The property is use for both rental and personal use (more than 14 days). I am a partner in the LLC. As a partner I receive a K-1 form from the LLC with losses from the LLC. These losses are reported on Schedule E of my personal return. IRS Publication 925 states…
I am helping my daughter amend her tax returns because she realized that there was a Form 7203 attached to her husbands K1. It shows the shareholders allowable loss and deduction. Does Free Tax USA support adding in these amounts, His current allowable loss from his stock basis is less than current year losses and there…
For Box 1a, it says as an example to enter 100 SH. ABC Company. How to you enter a fractional share? For example, 3.345 SH. or another example .45 SH.
I opened my business in 2020 and never sold anything but now I am set up to sell online. I want to make sure I file correctly.
I have excercised options from my employer which is privately held. I have the form 3921 and AMT calculation has to be done on my returns to determine if I need to file under AMT. How do I do that here? I cannot see any option to do the AMT calculation or enter details from 3921 in Income section. Is it under Misc?
I have qualified dividends but upon reviewing my final return generated by the free tax usa, it seems that it did not include the Qualified Dividends and Capital Gain Tax Worksheet. Is that necessary to include?
Hello all, First, thank you for your help in advance. My wife received multiple stipends from The Early Learning Coalition for attending and passing classes related to her job as a Teacher. She is NOT self-employed and received a 1099-NEC. The instructions that apply to her on this NEC states as follows: "If you are not an…
We purchased a vacation condo which we are renting out through the management company that owns the building. The condo is actually three rooms, which can be rented out separately or in combinations. How do I determine the "fair rental days" and "personal use days" for such a thing? Sometimes one room is rented but the…
I bought a piece of raw land for 60,000 dollars in May 2024. I paid 5000$ in closing cost and have paid over 300 dollars in interest on the property a month for a year. I am selling this month for 81,500$. Is there any tax exemption on capital gains tax I can do with interest and closing cost I’ve paid?
Vanguard's VUSXX is exempt from federal income tax. When filling out the 1099-DIV income section, I checked yes on the box, "Is this a mutual fund that has U.S. Government interest income?" The next page states, "You've told us that this mutual fund has U.S. Government interest income. This income is not taxed by states"…
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