It means your rental activities aren't treated as passive activities, so you can offset the losses (from depreciation or otherwise) against your other income. It also means your chances of getting audited increase substantially, so keep good contemporaneous proof of the time you spend on real estate and other business activities.
If it were as easy to use as one of the outside companies, it would eliminate a large percentage of irs.gov employees, so it will never happen
Paid an additional 20k to Uncle Sam last week. This was not as fun as getting my 0% interest loan back from the government.
still using freetaxusa.org filed federal a week ago. waiting for oregon to accept returns but my state filing is ready. total cost is like $15.
This is what I’ve used the past 3 years and haven’t had any issues yet, the price is nice too when you figure TurboTax would cost like 100 bucks.
The day I do our taxes is the one time per year I miss being poor and knowing I'm actually getting money back. Also, the only day I wish I had children.
Any expats in here? My wife requires hers done. How do you go about filing? Whilst I am a quasi qualified tax professional over here, US tax filings really bamboozle me. God bless our pay as you earn system here. My reading of the credits suggest she owes nothing to the IRS as she pays so much here but there is the fear.
Don’t deal with expats, but from reading it looks like she could qualify for the foreign earned income exclusion up to $112k, and anything over that should be covered by the foreign tax credit. https://www.irs.gov/pub/irs-pdf/p54.pdf
Yeah that’s what I believe too, but I don’t want to test the US tax forms. Income Tax is 52% over €36k here so she’s paid enough….
Good grief at that tax rate. This article is also a good breakdown, but obviously still doesn’t get into the “how” of filing for her https://www.kbgrp.com/international...t-two-solutions-to-avoid-double-taxation.html From reading the instructions to the Form 2555 (earned income exclusion), it sounds like it’s fairly simple in that she’d need that form to validate that she lives abroad and that all her earnings qualify, then that would be attached to her Form 1040 along with Schedule 1 showing the all her income is excluded. They also make you mail it in for some reason per the instructions. I don’t think it’s as complicated as it sounds and you’re clearly in the right by her income being excluded, so it’s more of just a filing requirement to prove that
Yep it’s horrible. Comes into view when looking at bonus time or RSUs vesting. Over half the shares vested will be sold to cover the tax liability.
Did it give you some kind of message about the form not being available yet for your state? That’s what I’m getting and I’ve never seen that before. I found the form on my state’s website.
OK that’s what I have too. I’ve never had it before but I think I’m a couple weeks earlier than I normally am. Only thing that concerned me was it wasn’t listed on my state’s website as an approved filer or whatever. But there was also only a few so I’d guess it’s not all of them.
There is typically a lag between forms getting released publicly and being available for e-file through a vendor. Im sure it varies somewhat by state, but generally the vendor has to finalize the back-end programming on their end and then they have to submit it to the state revenue agency for approval, which unsurprisingly can take a little time.
That was kind of my thought, just hadn’t seen it before so was trying to avoid messing something up and a last second scramble.
Have to wait a week to file because one of the federal forms concerning the EV tax credit isn't available on TurboTax until 2/9
what does one do if divorced and kids are with you majority of time and you cover 100% of their expenses... and your ex claims them on her tax return? any way to get that fixed? asking for a friend, for real. luckily, my ex and I have a written agreement that says she claims child1 and I claim child2 and it's worked fine for the past 7 years.
Does he have court orders in place that say he has full custody, or even majority. Child support, etc?
The worst is my wife's .gov 1099-r I swear they never get it out until April Then they send out a corrected one later that I can stare at side by side for hours and can't find the difference
Somehow my work had my W2 ready on like January 3rd, I didn’t have anything else this year besides my mortgage info and my 1099 for HYSA. Was able to file last night with FreeTaxUSA. They updated their software to include some property tax credit the state gives too, which was nice.
Fucking love tax time. I've had my 2023 numbers figured for months now, just waiting for all my forms to come in and true up some estimates. Hell I've already forecasted my 2024 tax liability in detail. I actually uncovered an error in my wife's payroll during the process. Can't wait until the 2025 tax tables come out in October so I can nerd out some more.
thats what I used to think as well then those first couple of years of marriage we filed jointly before receiving her 1099-R (thought, well if they cant get it out in time I shouldnt have to worry about it) and boy was that enjoyable the next few years after the IRS sent us some fun letters
May have posted this before, but it's a pretty funny story so whatever. Around the time I got married, I figured it'd make sense to update payroll withholding amounts for my wife and I via W-4. I asked her to give me a copy of a recent pay stub to see what taxes had been withheld. I get the pay stub and see that she had $0 of federal taxes withheld from like January - September. I call her and say, "there's no way you've gotten away with not paying taxes all year. Your pay stub says that nothing has been withheld all year. The only way this can happen is if you wrote 'EXEMPT' on your W-4 or your employer made a mistake. And I know you're not dumb enough to write 'EXEMPT.' Get a copy of your W-4 from your employer so we can get to the bottom of this." Spoiler We got the W-4 and there it was in her handwriting: EXEMPT. For some reason, her boss had told her to write that she was exempt, so she did. Spoiler Wife and her (former) boss work with autistic children. They're not exactly the kind of folks that should be providing tax advice. Spoiler I'm a tax attorney and make a living off providing tax advice, but she didn't think to run it by me.
I don't think the salt tax change will get passed but probably worth waiting a few weeks if you're in a state that matters
Have to write an absurd check this year, highest I've ever owed. Initially angry but had an influx of 1099s so not unexpected. I keep ridiculous records of expenses and itemize as much as humanly allowable...still doesn't surpass the standard deduction. I may never keep another record again.
Whatever the stock market form is called typically comes a few weeks later for me but I feel like I saw an email saying it was already available
Yeah I get the paper version of some stuff halfway through Feb but I usually just pull up the electronic version the first few days of Feb.
Mine wasn’t available online last year until the middle of February. I was locked and loaded and ready to go this time last year and because it wasn’t I ended up waiting until basically the last day
I have had investment shit not post their tax forms online until like mid-February before. Was really annoying.