Does anyone know if TurboTax automatically applies your loss carryover from the previous year if you used TurboTax for both years? I swear it used to do this automatically but now I cant find where its pulling that data from.

I went through this exact same struggle last year! The Capital Loss Carryover Worksheet can be really confusing at first. Here's what helped me get through it: First, you definitely need your 2023 tax return - specifically Schedule D and Form 8949 if you filed one. Look for line 21 on your 2023 Schedule D, which shows your net capital loss for that year. For your situation with $4,300 in losses, you're right that there's a $3,000 annual limit for deducting capital losses against ordinary income. So if your net loss last year was more than $3,000 after accounting for any gains, the excess carries forward. The worksheet asks for your prior year AGI to determine if you need to use the Capital Loss Carryover Worksheet or if you can use a simpler method. Most people with straightforward situations can just enter the carryover amount directly on Schedule D. One thing that tripped me up initially - make sure you're looking at your NET capital loss from last year, not just the gross losses. TurboTax should have calculated this for you on last year's Schedule D. If you can't find your 2023 return, you can get a transcript from the IRS website or call them. Don't stress too much - once you have the right numbers, it's actually pretty straightforward!

Just wanted to update everyone - I have PNC with a DDD of 3/14 and still nothing as of 4pm EST. Starting to worry since everyone else seems to be getting theirs. Filed through TurboTax on 1/28, accepted same day. My transcript shows code 846 with the 3/14 date but no deposit yet. Anyone else with PNC still waiting or should I be concerned at this point?

Same situation here! PNC with DDD of 3/14, filed through FreeTaxUSA on 1/30. Usually get my refunds 2 days early but nothing yet as of 4:30pm. My transcript shows the 846 code too. Starting to wonder if PNC is having delays this year or if it's just taking longer than usual. Really hoping it hits tonight or first thing tomorrow morning. The anticipation is killing me! Will definitely update when mine comes through.

Great discussion everyone! As someone who's been dealing with these deduction changes for a few years now, I'd add one important point: documentation is absolutely critical for meal deductions. The IRS requires you to document the business purpose, who attended, and the business relationship of the attendees. I keep a simple log with each receipt that includes: date, attendees, business purpose discussed, and amount. Takes 30 seconds per meal but could save you thousands if audited. Also, be careful with "business meals" that are really just convenience. Grabbing lunch alone while working doesn't count as a business meal - you need that business discussion element with clients, prospects, or business contacts. The meal has to be directly related to your business activities, not just eaten during business hours. One more tip: if you're traveling for business, meals while traveling are still 50% deductible even if you're eating alone, as long as the travel itself is for business purposes. This is different from regular business meals which require the business discussion component.

This thread has been incredibly informative! I'm a freelance graphic designer who regularly meets clients for coffee and lunch meetings, and I've been making some mistakes with my deductions. One thing I'm still unclear on: what about meals during networking events? I attend monthly chamber of commerce meetings that include lunch, and I often meet potential clients there. The lunch is included in the registration fee - should I be tracking that separately as a 50% deductible business meal, or is it part of the overall networking event cost? Also, for those using expense tracking apps or services, do you find they handle mixed situations well? Like when you take a client to lunch (50% deductible meal) but also give them promotional materials or small gifts during the meeting - I assume those would be tracked differently for tax purposes? Really appreciate everyone sharing their experiences here. It's so much more helpful than trying to decode IRS publications on my own!

Has anyone considered the property tax implications? In my county, transferring property to an LLC triggered a reassessment and my property taxes increased significantly.

One important consideration that hasn't been fully addressed is the potential for depreciation recapture when you eventually sell the property or your LLC interest. If you transfer the property to the LLC and take depreciation deductions over the years, you'll face depreciation recapture taxes (taxed as ordinary income up to 25%) when the property is eventually sold, regardless of which transfer method you choose initially. Also, make sure your LLC operating agreement clearly spells out how property contributions affect each member's capital account and distribution rights. If you're contributing a $300k property to a 50/50 LLC, your partner might expect to contribute equivalent value to maintain equal ownership, or you'll need to adjust the ownership percentages accordingly. Another thing to consider: some states have transfer taxes on deed transfers that apply even when transferring to your own LLC. These can be substantial depending on your property value and state. I'd also recommend getting a professional appraisal before any transfer to establish fair market value for tax purposes. The IRS can challenge your valuation if they think you're understating the property's worth.

Don't forget that not all "donations" are tax deductible! I learned the hard way last year that giving money to GoFundMe campaigns and directly to individuals doesn't count for tax purposes. Has to be a qualified 501(c)(3) organization. Check before you donate if tax benefits matter to you!

One thing I haven't seen mentioned yet is that you can carry forward unused charitable deductions for up to 5 years if you exceed the AGI limits in any given year. So if you have a particularly generous year where your donations exceed 60% of your income, you don't lose those deductions - they roll over to future tax years. This is especially helpful for people who make large one-time donations or have variable income. Just make sure to keep good records of what you're carrying forward each year!