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Has anyone used H&R Block or TurboTax for handling ISO sales with AMT credits? I'm wondering if they calculate everything correctly or if I need to use a specialized tax preparer for this.
I used TurboTax Premier last year for my ISO sales and it handled the AMT credit carryover pretty well. You need to make sure you have Form 8801 from your previous year's return and enter everything correctly. The software prompted me for all the right information, but you definitely need to understand the basics yourself to verify it's doing things right.
I tried using TurboTax but it got really confusing with AMT credits. Ended up hiring a CPA who specializes in equity compensation and she found several errors in what TurboTax was calculating. If you have a significant amount of money involved, might be worth getting professional help for at least one year so you understand how everything works.
This is a great question about AMT and ISO dispositions! I went through something very similar last year. One thing I learned that might help: when you sell those 3,000 shares at $6.75, you'll indeed have different tax treatments for regular vs AMT purposes. For regular tax, you'll have long-term capital gains of ($6.75 - $1.35) × 3,000 = $16,200. But for AMT purposes, you'll actually have a loss of ($6.75 - $13.50) × 3,000 = -$20,250. This AMT loss helps generate additional AMT credit that you can use to offset future regular tax liability. The key thing to remember is that AMT credits can only be used when your regular tax exceeds your tentative minimum tax in future years. So if you're planning to exercise more ISOs this year, you'll want to model out whether you'll be able to use those credits effectively or if they'll just carry forward again. I'd strongly recommend getting a tax projection done before you make any moves, especially if you're considering additional exercises. The timing of when you sell and exercise can make a huge difference in your overall tax bill.
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idk why everyone stressing about advances when refunds coming mad quick this year
not everyone getting them quick tho some of us still waiting from last year 😭
Same situation happened to me last year! You definitely need to open a new Credit Karma Money account - they can't reactivate closed ones. The new account setup is super quick though and you can link it to TurboTax right away. Just make sure you have your ID ready for verification since that's usually what slows people down. Good luck with the advance!
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Something else to consider that hasn't been mentioned yet - if you have a legitimate home office that qualifies as your principal place of business, then trips from your home office to other business locations can be fully deductible. So in your case, if your home office is your main place of business for your sole proprietorship, then even the trip from home to Store B could potentially be deductible if the primary purpose was business. The key is whether your home office meets the IRS requirements for regular and exclusive business use.
So if my kitchen table is my "home office" does that count? I do all my business stuff there but also eat dinner there too lol.
No, your kitchen table wouldn't qualify as a home office. The IRS requires that a home office be used "regularly and exclusively" for business purposes. Since you also eat dinner at the table, it fails the exclusive use test. You would need a separate space - like a spare bedroom or a section of a room that is clearly partitioned and used only for business. This area can't double as personal space. Many people get tripped up on this and it's a common red flag in audits, so be careful about claiming a home office deduction unless you truly have a dedicated space that's used solely for business.
Something I learned from my tax guy - keep a mileage log in your car and record EVERYTHING. Start/stop odometer readings, addresses, and purpose of trip. I use a simple notebook but there are also apps. The IRS is super picky about mileage documentation during audits. Without a contemporaneous log, they can deny your entire mileage deduction even if the trips were legitimate.
Can you recommend any good apps? I tried MileIQ but it was draining my battery like crazy.
I've been using Everlance for about a year now and it's been great - much better battery life than MileIQ. It automatically tracks trips in the background and lets you swipe to categorize them as business or personal. The free version covers most basic needs, but I upgraded to premium for the detailed reporting features my accountant loves. Another option is TripLog which also has good reviews for battery efficiency.
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Has anyone filed a Form 709 electronically? When I go through TurboTax or H&R Block software, they seem to handle income tax returns but not gift tax returns. Am I missing something, or do these forms still need to be filed on paper?
Unfortunately, Form 709 cannot be e-filed yet. I just completed mine last month for a similar situation, and it has to be filed on paper. I was surprised too, since almost everything else can be done electronically now! Make sure to send it via certified mail so you have proof of timely filing. Also, don't attach it to your Form 1040 (income tax return) - it needs to be mailed separately to the specific address for gift tax returns.
Great question about Form 709! I went through this exact situation last year when I sold my townhouse to my nephew for $180k when it was worth $420k. One crucial detail that hasn't been mentioned yet - make sure you understand the timing requirements. Form 709 is due by April 15th of the year following the gift (so April 15, 2025 for your 2024 transaction). However, if you request an extension for your income tax return, it automatically extends your Form 709 deadline to October 15th. Also, since your gift amount ($405k) exceeds the 2024 annual exclusion of $18,000, you'll definitely need to file Form 709 even if you don't owe any gift tax due to the lifetime exemption. The IRS wants to track these large gifts against your lifetime exclusion amount. One more tip - if this is your first Form 709, make sure to include a clear cover letter explaining the transaction. The IRS appreciates transparency, and it can help avoid follow-up questions later.
Dallas Villalobos
Pro tip: call them early morning right when they open. The wait times are way shorter then trying mid-day
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Kara Yoshida
•whats the best number to call?
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Dallas Villalobos
•517-636-4486 but prepare to wait regardless tbh
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Megan D'Acosta
Same situation here! Filed in January and still showing "processing" status. One thing I learned is that Michigan processes returns in batches, not continuously like the IRS. They typically run major processing cycles 2-3 times per week. Also, if you claimed any credits like the Earned Income Credit or have dependents, that automatically adds extra review time - usually 2-4 weeks beyond the standard processing period.
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