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Has anyone used TurboTax to report home sales? I'm wondering if it handles all the calculations correctly or if I should go to a CPA this year.
I used TurboTax last year when I sold my condo and it worked fine for a straightforward situation. It asks you all the right questions about how long you lived there, improvements, etc. Just make sure you have good records of your purchase price and any major improvements.
Just wanted to add one important detail that hasn't been mentioned yet - make sure you keep excellent records of ALL improvements you've made to the home, not just major ones. Even smaller improvements like new appliances, flooring, landscaping, or exterior painting can add up and increase your basis significantly. I learned this the hard way when I sold my first home and couldn't find receipts for about $15,000 worth of improvements we'd made over the years. Those would have further reduced my capital gain, but without proper documentation, I couldn't claim them. For your situation with a $290,000 gain that's already under the $500,000 exclusion, this might not matter for federal taxes, but it's still good practice and could help with state taxes or future property sales. Start gathering those receipts now while you're preparing to list!
This happened to me when I worked at Jackson Hewitt years ago! I was literally told "you'll learn as you go" and was terrified of messing up people's taxes. What helped me was focusing on being really good at intake and organization first. Make sure you're getting all the right documents and organizing them properly. Learn the software thoroughly so you at least know where to input everything. Then gradually pick up the actual tax knowledge. After a few weeks, I was actually pretty comfortable with basic returns. The software does a lot of the work for you. Just be super careful with anything complicated and definitely ask the senior preparers when you're unsure. Don't worry too much - you'll catch on faster than you think!
This is honestly a red flag about H&R Block's hiring practices. As someone who's been through proper tax preparation training, I can tell you that what you're experiencing isn't normal or acceptable. The fact that they hired you "on the spot" without an interview and immediately threw you into client work without ANY training is concerning. Even as a data entry person, you should understand what you're inputting and why. Tax preparation involves people's financial lives and potential legal consequences. Here's what I'd strongly recommend: 1. Document everything - keep records of the lack of training you received 2. Immediately request formal training from your supervisor 3. If they refuse or delay, consider reporting this to your state's Board of Accountancy 4. Look into getting your own basic tax education through IRS resources (they have free materials) You're not just "glorified data entry" - you're part of the tax preparation process, and clients deserve to have trained professionals handling their returns. Don't let them take advantage of your eagerness to learn. This could reflect poorly on your professional development if you're not careful. Stay strong and demand proper training. Your future clients and career deserve it.
This is really eye-opening - I hadn't thought about the potential regulatory issues. You're right that this seems like more than just a training problem. Should I be worried about liability even though I'm not the one signing the returns? And do you know if there are specific requirements about what kind of training data entry people need to have? I want to make sure I'm protecting myself legally while also doing right by the clients.
One thing to consider is whether any of the settlement is for reimbursement of expenses. If part of the settlement is specifically to reimburse her for repairs she paid for out of pocket, that portion might not be taxable since it's just making her whole (not income). Does anyone know if lemon law settlements typically break down the amounts into different categories? Like compensation vs reimbursement?
In my experience (not a lawyer, just had a lemon case), the settlement docs usually specify what each part is for. Mine had separate amounts for vehicle value reimbursement, repair cost reimbursements, and additional compensation for inconvenience/hassle. The reimbursement parts weren't taxable but the "inconvenience" payment was. It was about 20% of my total settlement.
Your cousin really needs to listen to you on this one. I went through a similar situation with a lemon law settlement two years ago for about $65K, and I can confirm that the entire amount was taxable income. The biggest mistake I made was not setting aside money for taxes immediately. I ended up owing about $18K in federal and state taxes combined, plus I had to make estimated payments the following quarter to avoid penalties. The settlement felt like a windfall until tax time rolled around. What really helped me was getting the settlement agreement reviewed by a tax professional before I spent any of the money. They were able to identify which portions might qualify for different tax treatment and helped me calculate exactly how much to set aside. Your cousin should definitely ask her lawyer to clarify what they meant about settlements not being taxable - they might have been referring to a completely different type of case. Lemon law settlements are almost always taxable unless there's some very specific language about personal injury (which would be unusual for a defective car case). Tell her to at least set aside 25-30% of the settlement for taxes until she can get proper advice. Better to be overprepared than scrambling to pay a huge tax bill later.
The "AS OF: F" status you're seeing typically indicates your return is in a "freeze" or pending status while the IRS processes it. This is completely normal for returns that are still working through the system. The $0.00 balances and "NOT PRESENT" fields are standard placeholders until processing completes. Since you filed electronically 3 weeks ago, you're well within the normal 21-day processing window. The IRS updates transcripts in cycles (usually weekly), so those empty fields should populate once your return moves to the next stage. Head of Household returns sometimes take a bit longer due to additional verification steps. Keep checking your transcript weekly - once processing advances, you'll see those "NOT PRESENT" fields fill in with your actual tax data and any refund amount will appear. If nothing changes after 6-8 weeks total, then it might be worth calling the IRS directly.
Camila Jordan
Filed Jan 20th and still waiting here too! Been checking the MN Revenue site daily and it just keeps saying "being processed." Starting to wonder if there's an issue with my return or if they're just really backed up this year. Anyone else filed around mid-January still waiting? Trying to figure out if I should be worried or just patient at this point š
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Miguel Diaz
ā¢Filed Jan 18th and same situation! š I think they're just really backed up this year. I've been checking obsessively too lol. From what I can tell from everyone's posts, it seems like there's no rhyme or reason to the order they're processing. Some Jan filers are still waiting while some Feb filers already got theirs. Super frustrating but at least we're not alone in this! Hopefully our batch gets processed soon š
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Jamal Brown
Filed mine January 31st and got my refund deposited this morning! š Took about 5 weeks total which seems to be pretty typical based on what I'm seeing here. For those still waiting - I know it's frustrating but hang in there! The processing really does seem random this year. I was checking the status obsessively too but it updated overnight from "processing" to "refund sent" without any warning. Good luck everyone!
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Yara Khoury
ā¢Congrats on getting yours! š That gives me hope since I filed Jan 28th and still waiting. Good to know it can update overnight without warning - I'll stop checking it 10 times a day lol. Thanks for sharing your timeline, really helps ease the anxiety!
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