I'm trying to file my 2014 tax return and received a K-1 from an investment. On line 20 of the K-1, there is a star on 20Z, which refers to a statement listing 5 numbers under titles like Gross Income, Gross Receipts, Federal Bonus Depreciation, State Depreciation Adjustment, and Section 743(b) Adjustment. How do I enter these numbers into TurboTax, specifically on the page for entering K-1 information where there is only one box for 'Z-Other Information'? Additionally, how many tax returns does TurboTax allow for free eFile?

July 29th, 2023

I live in California and sold my parents' home last year, which was in a trust, incurring a tax loss. I did not have enough income to file a return in April but filed a request for an extension until October 15th. Can I still recover the capital loss with no income, defer reporting the capital loss until I have sufficient income in another tax year, and do I need to file another extension?

December 29th, 2023

I need help with a rental property loss on my Schedule E of my 1040 from 2013 and if I can carry it over to 2014. I am not a real-estate professional but I am actively engaged in maintaining the property. On what line do I put the loss on the Schedule E on my 1040 for 2014?

February 8th, 2023

How to deduct repaving a parking lot for a commercial building, and can this be done under Section 179 or as an expense, or does it have to be depreciated?

May 1st, 2024

If a Chinese company sells products online to the U.S. and builds an inventory in the U.S., what taxes and duties are they responsible for, and should they register as an international company or a U.S. company? Which U.S. state would be most tax-friendly for warehousing?

May 27th, 2024