Remember that there's also the Child Tax Credit to consider. For 2023, it's up to $2,000 per qualifying child under 17. With twins, that's potentially $4,000 in tax credits! This is separate from dependent exemptions (which don't exist anymore) and can significantly reduce tax liability. This credit begins to phase out when income exceeds $200,000 for single filers, which might affect your girlfriend at $230K. You might benefit more from claiming the children for this reason alone.

This is exactly the kind of situation where you need to run the numbers both ways! With your girlfriend at $230K, she's likely hitting some phase-out thresholds that could make it more beneficial for you to claim the twins. A few key things to consider: - Child Tax Credit phases out starting at $200K for single filers, so she might not get the full $4,000 credit for both twins - Your lower income might qualify for better credits and deductions - Since you mentioned rental property, claiming Head of Household could give you better tax brackets for all your income The tricky part is that if she's been claiming them on her W-4 all year, she's gotten bigger paychecks but will owe that back if she doesn't claim them on the return. You'll want to coordinate this so one of you doesn't get stuck with a surprise tax bill. I'd suggest using a tax calculator or software to model both scenarios - her claiming them vs you claiming them - and see which gives you the better combined outcome as a family unit. The difference could be substantial given your income levels and the various credits involved.

this happened to me 2 years ago! first call ur state unemployment office ASAP!!! i had to fill out an identity theft affidavit (IRS form 14039) and send it in. also get a credit freeze at all 3 bureaus right away!! don't report the income on ur taxes!! wait for the corrected 1099-G that shows $0. my state took about a month to send the new one after i reported it.

I work as a tax preparer and see this fraudulent 1099-G issue frequently. Here's what you need to do immediately: 1. Contact your state unemployment office to report the fraudulent claim - don't delay on this step 2. Request a corrected 1099-G showing $0 in benefits 3. File IRS Form 14039 (Identity Theft Affidavit) to notify the IRS 4. DO NOT amend your already-filed return yet - wait for the corrected form Since you've already filed your return without including this income (which is correct since you never received it), the IRS may send you a notice asking about the discrepancy between your return and the 1099-G they received. When this happens, respond with documentation from your state showing the benefits were fraudulent and include a copy of your corrected 1099-G. Also freeze your credit immediately and monitor for other signs of identity theft. Someone likely used your information to file a fraudulent unemployment claim, so there could be other issues. The key is acting fast with the state unemployment office - the sooner you report it, the quicker they can investigate and issue corrections.

Im going againts the grain here but tried FreeTaxUSA Pro Support and wasn't impressed tbh. Asked about my specific situation (remote work for a company in another state) and got pretty generic answers. Felt like they were just reading from a script. Ended up going to a local accountant who specializes in multi-state returns. Cost more but worth it for the personalized help.

I used FreeTaxUSA Pro Support for my multi-state situation this past tax season and had a really positive experience! I live in Texas (no state income tax) but work remotely for a company based in California, so I had to deal with CA nonresident filing. The chat support was incredibly helpful - the tax pro walked me through exactly how to handle my situation step by step. They explained how CA taxes remote workers even if they don't live there, helped me understand which forms I needed (540NR), and made sure I was claiming the proper deductions. The whole chat session took about 25 minutes and I felt much more confident about my filing. For the cost difference compared to other services, I think FreeTaxUSA Pro Support hits the sweet spot - you get knowledgeable help without paying TurboTax prices. For straightforward multi-state situations like yours (living in one state, working in another), their support should definitely be able to help you get it right. Just make sure to have all your documents ready when you chat with them so you can ask specific questions about your exact situation.

one other thing to consider is the state tax implications. Some states hav different rules for investment property losses than the federal government. I had a similar situation in California and was able to deduct the loss federally but not on my state return because they had different standards for what constituted an investment property vs personal residence. might want to check your state rules too.

Based on everything discussed here, it sounds like you have a strong case for treating this as an investment property loss. The key factors working in your favor are: 1) Clear establishment of a new primary residence when you moved to the suburbs, 2) Zero personal use of the downtown condo after moving out, 3) Documentation showing investment intent (the staging contract prohibiting personal use is particularly compelling), and 4) The 15-month holding period demonstrating you were waiting for market conditions to improve. For reporting, you'll use Form 8949 and Schedule D to claim this as a long-term capital loss. The $95,000+ loss is substantial and can offset other capital gains or up to $3,000 of ordinary income annually (with carryforward for the remainder). Don't forget that your selling expenses and some of the carrying costs during that 15-month period may also be deductible. I'd recommend keeping detailed records of everything - the staging contract, utility bills showing minimal usage, communications with your realtor about market timing, and any other evidence that supports your investment intent. This documentation will be crucial if the IRS questions the classification. Given the complexity and the large loss amount, it might also be worth having a tax professional review your specific situation to ensure everything is reported correctly.

Has anyone here actually used FreeTaxUSA for their LLC taxes? I'm considering switching from TurboTax because of the cost but worried it might miss something important for my photography business.

I've been using FreeTaxUSA for my consulting LLC for 2 years now and it's worked well for me. The key thing to understand is that it DOES handle all the necessary forms for single-member LLCs - it just processes some of them behind the scenes. When you complete Schedule C in FreeTaxUSA, it automatically calculates your self-employment tax (Schedule SE) and includes it in your return. You won't see a separate SE form, but if you look at your final tax summary, you'll see the SE tax amount listed. Same thing happens with most other tax software. For your situation, you filed correctly! You don't need Form 1120S unless you specifically elected S-Corporation status (which requires filing Form 2553 with the IRS). The YouTube videos you watched were probably covering different LLC scenarios. One tip: FreeTaxUSA's business expense interview could be more thorough, so make sure you're claiming all eligible deductions. Keep good records of home office expenses, equipment purchases, travel, and client entertainment - these can add up to significant savings for video production work. The anxiety is totally normal - LLC taxation seems way more complicated than it actually is when you're doing it for the first time!