I wonder if this is related to the increased security measures the IRS implemented this year? Have you checked if there are any identity verification requirements you might have missed? The whole system seems more complicated this year, and I'm concerned that the disconnect between tax preparers, the IRS, and banks is creating these delays. Did TurboTax mention anything about verification codes or additional steps?

I had this exact issue with Chime last year! Here's what I learned: Chime processes tax refunds differently than regular direct deposits because they go through a different ACH network pathway. Even though your DoorDash and UberEats payments hit instantly, tax refunds often take 1-2 business days even after the IRS sends them. The good news is that if TurboTax confirmed they sent it this morning, you'll likely see it by tomorrow evening at the latest. In the meantime, you can check the IRS "Where's My Refund" tool to see if it shows as "sent" on their end too - that'll give you extra peace of mind. I know the waiting is stressful when you have bills due, but hang in there!

Random question - can I use blue ink for the correction or does it have to be black? I know the IRS is picky about some of these details.

Thanks everyone for all the helpful advice! I went ahead and made the correction using the single line method that Paloma mentioned - drew a clean line through the wrong number, wrote the correct amount above it, and initialed with the date. The correction was pretty minor (just a few hundred dollars difference in my totals), so I didn't include an explanatory note. I also ended up checking my work with taxr.ai before submitting, and it confirmed that my correction was done properly and didn't find any other issues. Really glad I found this thread before panicking and ordering a new form! Submitting everything today and feeling much more confident about it.

I'm seeing a lot of complicated answers here but it's actually pretty simple. I've owned 3 homes and here's what I've learned: if you didn't pay it, you don't deduct it. The seller credit on closing is just an adjustment to make the sale fair - it's not income and it's not a deduction. When you actually pay the property taxes in 2025, that's when you deduct them - regardless of what period they cover.

As a first-time homeowner myself, I went through this exact confusion last year! You're absolutely right - since you didn't make any actual property tax payments in 2024, there's nothing to deduct on your 2024 return. The key thing to remember is that property tax deductions are based on the cash basis - meaning you can only deduct what you actually paid out, not what was assessed or owed. That seller credit you received at closing isn't taxable income to you, it's just an adjustment to make the transaction fair since you'll be paying the full year's taxes when they come due. When February 2025 rolls around and your escrow company pays those property taxes, you'll be able to deduct the full amount on your 2025 tax return. Keep your escrow statements and closing documents organized - you'll need them to show exactly what was paid and when. One tip: make sure to review your mortgage servicer's annual escrow analysis statement early next year. It will show exactly when property tax payments were made, which is crucial for determining the correct tax year for your deduction.

Just wanted to add something important that hasn't been mentioned yet - make sure you keep detailed records of the original loan transaction too. Since you withdrew $50K in cash from your bank, that withdrawal should be documented on your bank statements. This creates a clear paper trail showing the money left your account and then returned, which helps establish the legitimacy of the loan arrangement. Also, regarding the 15% interest rate you charged - that's actually quite reasonable and well above the current Applicable Federal Rates (AFR), so you shouldn't have any issues with the IRS questioning whether this was a legitimate loan versus a disguised gift. The AFR for short-term loans is currently much lower, so your 15% rate clearly shows this was a commercial-style transaction. One more thing to consider: if you plan to make similar loans in the future, you might want to consider having your friend write you a check for the interest portion instead of paying in cash. This creates better documentation and avoids the complications others mentioned about carrying large amounts of cash.

I've been through a similar situation with personal loans to family members, and I learned the hard way that documentation is everything. Here's what I wish I had known from the start: First, yes, you absolutely need to report that $7.5K as interest income on your tax return. Even though it's cash sitting in your safe, it's still taxable income the moment your friend paid it to you. The IRS doesn't care about the physical form - income is income. Second, while your loan agreement is a good start, I'd strongly recommend creating a supplemental memo now documenting the complete transaction timeline. Include the withdrawal date from your bank, the loan disbursement date, the repayment date, and amounts. Even though this is after-the-fact documentation, it shows you're treating this as a legitimate business transaction. Third, consider depositing that $7.5K interest into your bank account rather than keeping it as cash. This creates a clear audit trail and removes any potential complications from having large amounts of undocumented cash. Plus, if you ever get audited, having bank records showing the interest income makes everything much cleaner. Finally, make sure your friend understands this was a legitimate loan with interest, not a gift. If the IRS ever questions either of you about it, you both need to tell the same story about this being an arm's length transaction.

I'm really sorry for your losses - losing puppies is heartbreaking, and I can only imagine how difficult it must be to deal with the financial implications on top of the emotional toll. As a small business owner (not in breeding, but I've dealt with similar inventory loss situations), I wanted to confirm what others have said here. Those puppy losses don't require any special reporting or deductions on your Schedule C. Your business expenses remained the same, but your income was lower than projected - that's exactly how business losses naturally get reflected in your tax filing. What impressed me reading your post is how professionally you're approaching this. You've been tracking expenses meticulously, you understand the investment phase vs. income-generating phase of your business, and you're asking the right questions. This kind of documentation and business-like approach is exactly what protects you if the IRS ever questions whether you're running a legitimate business versus an expensive hobby. The advice about keeping detailed records of the losses (vet records, documentation of what the puppies would have sold for, etc.) is spot-on. You don't need it for a specific tax deduction, but it's great supporting documentation for your overall business records. Keep up the professional approach - it sounds like you're building something sustainable despite this setback. Wishing you better luck with future litters!

I'm so sorry for your puppy losses - that's always devastating, both emotionally and financially. As a tax professional who works with several breeding operations, I can confirm what others have said here about how to handle these losses. The puppy losses you experienced are considered ordinary business losses, not something that requires special reporting. Your Schedule C will naturally reflect this situation - you incurred all the breeding expenses (stud fees, whelping supplies, initial puppy care, etc.) but had fewer puppies to sell than anticipated. This automatically results in a lower profit margin or potentially an overall business loss for the year. What's most important is maintaining excellent documentation. Keep detailed records of all puppies born, veterinary records related to the losses, projected versus actual sales, and all associated expenses. While you don't report these losses as a separate line item, having this documentation is crucial if you're ever audited. Given that you mentioned this was your first year generating significant income after 3 years of investment, make sure you're prepared to demonstrate business intent versus hobby activity. The IRS scrutinizes breeding operations closely, especially those with multiple years of losses. Keep a written business plan, maintain separate business accounts, and document any operational changes you make to improve profitability going forward. Your meticulous expense tracking shows you're already approaching this professionally - that's exactly what you need to continue doing.