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I am recently married and my wife is receiving assistance with student loans, for this reason we must file "Married Filing Separate". We both have one child from a previous marriage and this year we both have the right to claim them on 2015 taxes (as stated in the divorce decree). My question is, can I claim them both (natural child and step-child) and she claims none? or am I only allowed to claim my natural child and she hers?

While I know that my small business is not required to submit a balance sheet with my tax return, I would still like to. How do I create an IRS-acceptable balance sheet in TurboTax Home & Business?

My mom's only income this year besides this was social security.According to what I read, she does not have to file a tax return if her income is under $11,300 I believe. (and SS income is not seen as income for these purposes).  Does she need to file because I paid her?  I did not take taxes out of her pay.

Me and my child's mother have 50/50 custody. How do I claim that on my taxes?

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I'm thinking it might, because if you imagine taking the 100 shares and splitting it into two lots of 50, Lot A, and Lot B, when you sell Lot A three days later, then Lot B would be 50 shares bought within the +/- 30 day time frame.

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We have a court order and the former foster parents will not be claiming them.

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Won't using both 1099 and w2 come up as duplicate income?  Please provide clarification.  Thanks!

The children's father and I have been together for 5 1/2 years, we broke up mid 2015. He did not help hardly at all all year, He spent most of his money on drugs and drinking. So I finally made him leave, and he hasn't helped at all ever since nor seen them. We have filed our taxes jointly the past 4 years, but now I need to figure out the best way to file with both of my children. I have worked about 3 months of the year, my boyfriend has been helping me support the kids and what not. I do not have any W2's, but I do have all of my check stubs. I need to file as soon as possible so I can buy my children new clothes and everything else they need. Just have to figure out how to do this correctly and legally. Thank you.

Premier edition. After entering the first 1031 exchange property I could not fine the "Add an exchange" button so I could enter the other 7 properties. Where is this button that is mentioned in these posted questions?

We are getting married in August and it is currently January. I read somewhere that if you elect married before December 31st that the IRS counts it for the entire year. 

My wife stop working to raise our daughter, would it be better for me to file head of household than filing jointly?

I purchased my home 40 years ago for 50,000.  I have refinanced several times doing a cash out each time.  The home is now being sold for $400,000.  I currently owe $200,000 on the mortgage.  During the 40 years of ownership I have paid a cumulative total of about $100,000 towards the principal on the loans.  There have been no improvements to the property that would add to the $50,000 basis.  How does the $100K of principal payments affect the capital gains calculations?  Where to I account for the principal payments on the tax forms? 

Wife's LLC is a bakery which we are co-owners of. She has two part time employees. Which Turbo Tax software should we use?We are using Quicken Online. Thank you, Chris Fusco 

All criteria has been met in terms of distance and time for the new job

A little more information: This is a nanny job, in the family's home. The parent was supposed to set me up for paying taxes but never did, and eventually I forgot about it. I know I should have known better... but anyway, now it's close to time to file for 2015 and I don't know what to do. The amount received from that family is about $20,000. I started another job in September and I will have a W2 from them. 

Myself and 2 friends started a multi-member LLC this year. We used Nolo and we have our EIN. I have a few questions.1. Does the LLC itself file a tax return and does it matter who files it?2. Will I need to buy TurboTax business for the business return?3. What Turbotax product do I need for my personal taxes to account for my investment/start-up of an LLC?34 We all put in $15,000 each but we have had no expenses yet and no profit (we just launched) can I claim the $15,000 investment on my personal taxes? THANKS!

Father and I are divorced and he receives social security in her name. We have shared custody but the checks solely go to him. If I claim my daughter on my taxes, do I have to claim the social security income that goes in her name? Or is the father responsible because he receives the income? And how do I get the tax form if I do have to claim her since it goes to him?

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I owned a limited partnership I have a Passive Activity Loss carry over tax year after year.  This year the partnership sold some property and I guess I have a gain on that sale.   Can the  gain offset passive Activity loss carryover.

do i need to repurchase coming into the new year

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