Turbotax 2017 home and business requirements
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If a taxpayer meets that test, then 121(a) and (b) allow the taxpayer to exclude up to $250k of gain from the sale of the home. 121(a) generally requires taxpayers to both own a home and use it as their principal residence for 2 of the 5 years prior to sale. Here, the TurboTax would be on firmer ground to suggest Bates might qualify for a partial 121 exclusion for any gain she realizes on sale of the haunted house.
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Taxpayer also bear the burden to prove entitlement to exclusions. Since there are zero facts in the ad to suggest any job-related reason for the move, I don’t see how Turbo Tax is even “technically” right, unless by the “technically” you mean “assuming facts that we will just make up.” Taxpayers bear the burden to prove entitlement to deductions. TurboTax’s ad is fun, but it’s also wrong. Still, in spite of imprecision and past mistakes, I’m going to award this Super Bowl (ad) victory to H&R Block. And H&R Block has messed up in ad campaigns, too: in 2012, they forgot that Bruce Wayne couldn’t fully deduct his charitable deduction if that deduction exceeded his AGI. I mean, H&R Block’s tweeted response isn’t entirely accurate, either: even if the tax law has some strange credits, there’s no talk of a credit here. But nothing in the ad indicates that she’s changing jobs she’s clearly going to move because, well, her house is haunted. So I guess technically the TurboTax advisor is right: it’s possible that Bates will be able to deduct her moving expenses. Moving expenses are only deductible when an individual has a new principal place of work, and where that new principal place of work is at least further from her previous home than her old workplace. There’s an exception, though: section 217 allows deductions for moving expenses. In general, moving expenses aren’t deductible, because in general they’re personal expenses, and section 262 disallows deductions for living expenses. ‘Cause I’m gonna have to move again.”Ĭlever spot, well-shot, with at least one decent jump-scare.
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The advisor tells her that she can’t, but “you may be able to deduct some of your moving expenses.”īates replies, “Good. Basically, Kathy Bates sees creepy ghost-children throughout her house on an app, she asks a TurboTax advisor if she can take a dependent tax credit for them.