Has anyone here dealt with converting a farm property from an LLC back to individual ownership before a parent's passing? We did this with my grandfather's farm last year to ensure we got the stepped-up basis, but now I'm worried about potential gift tax implications since the LLC was originally in our names (the kids).

The missing LLC documentation is a red flag that needs immediate attention, especially with BOI reporting deadlines approaching. I'd recommend starting with your state's Secretary of State office - they should have the Articles of Organization on file that will show who signed as the organizer and initial members. For the stepped-up basis question, the key factor is who actually owns the LLC membership interests at the time of your father's death. If he retained ownership (making it a single-member LLC), the property gets stepped-up basis. If you kids already own the LLC, no step-up occurs since you technically already own the property. Given the Medicaid planning aspect, I suspect the LLC ownership was likely transferred to you children to protect the asset, which would unfortunately eliminate the stepped-up basis benefit. However, if your father retained even a small percentage of ownership, that portion would qualify for step-up. You might want to consider having the LLC dissolve and distribute the property back to your father if he's still healthy and the goal is to maximize the stepped-up basis for your family. Just be mindful of the Medicaid lookback period implications that others have mentioned.

Don't stress too much! I work with a lot of freelancers and this happens more than you'd think. Here's what I tell them: always report your REAL income, not what's on an incorrect form. The IRS computers mainly flag when reported income is LOWER than what's on forms. When you report MORE, it rarely triggers issues. Think about it - the IRS is happy when you pay taxes on more income! Keep solid records, but don't lose sleep over this. The startup's mistake shouldn't become your problem.

I went through this exact same situation two years ago with a small marketing agency that basically disappeared after sending me an incorrect 1099. Here's what I learned: First, you're absolutely right to report the actual amount you received - that's what the IRS expects. I reported the correct (higher) income on my Schedule C and kept detailed records of all my payments, invoices, and attempts to contact the company. The key thing that gave me peace of mind was creating a simple one-page summary document that I kept with my tax records. It listed: - The incorrect 1099 amount vs. actual income received - Dates and methods of all my attempts to get it corrected - A brief explanation that the company became unresponsive I never needed to submit this with my return, but having it organized made me feel much more confident about my filing. The IRS never questioned anything because I reported MORE income than what was on their forms. Your bank deposits and invoices are solid evidence - you're in good shape. Don't let their poor record-keeping create stress for you when you're doing everything correctly!

This is such a confusing situation that so many of us face! I had the same problem last year and ended up finding my advance in a temporary account I didn't even know existed. Based on what everyone's shared here, it sounds like TurboTax's system has become even more fragmented this year with multiple banking partners. For anyone still struggling with this, I'd recommend checking your email thoroughly for any messages from TurboTax, Green Dot, Credit Karma Money, or other financial partners - sometimes these emails get filtered into spam or promotions folders. If you can't find anything there, the Green Dot app suggestion from NeonNinja seems to be the most reliable first step. But honestly, this whole experience has convinced me to skip the advance option next year and just go with direct deposit to my own bank account like Luca and Nia suggested. The "convenience" of early access isn't worth the stress of hunting for your own money!

Just joined this community and wow, what a mess TurboTax has created with their refund advance tracking! Reading through everyone's experiences, it's clear this is a widespread issue that shouldn't exist. I'm dealing with the same problem right now - filed two weeks ago with the 5-day advance option and have been checking my regular bank account daily like an idiot. After seeing NeonNinja's advice about Green Dot, I downloaded their app and sure enough, my advance has been sitting there since last Wednesday! It's honestly infuriating that TurboTax doesn't make this process transparent. They take a fee for "convenience" but then make you hunt through multiple apps and banking partners to find your own money. The fact that they're apparently using different partners (Green Dot, Credit Karma Money, etc.) without clearly communicating which one applies to your situation is just poor customer service. Thanks to everyone who shared their experiences here - this thread solved in 10 minutes what TurboTax's own support couldn't clarify. Definitely going the direct deposit route next year!

Has anyone dealt with a situation where they rented out part of their house during the ownership period? I'm in a similar situation as OP but I rented out my basement for about 4 years of the 15 I've owned my house. Not sure how that affects the capital gains exclusion.

Just wanted to add another important consideration for your situation with your son on the deed - make sure you understand the "lookback" rule if you're planning to sell in 2026. If your son was added to the deed for estate planning purposes but hasn't met the 2-year ownership requirement yet, you might want to time the sale strategically. For example, if he was added to the deed in early 2024, he'd meet the ownership test in early 2026. Combined with the use test (if he's been living there), this could make a significant difference in your tax liability. Also, since you mentioned you've lived there 18 years continuously, you definitely meet both tests for the full exclusion. Just make sure to keep good records of when your son was added to the deed and his residency status to properly calculate each person's eligibility when you file.

Just wanted to add my experience since I was in almost the exact same situation last year! I was buying a vintage Rolex and had the same panic about wire transfers and IRS reporting. After doing tons of research and talking to my bank, here's what I learned: You're absolutely right to keep good records, but you don't need to stress about special reporting. The wire transfer itself isn't something you report to the IRS - that's all handled automatically by the banks. What really helped calm my nerves was keeping a simple paper trail: I saved the wire transfer confirmation, the purchase receipt, and a brief note in my files about what the transfer was for. My banker told me this was more than sufficient for any future questions. The jewelry store also gave me a detailed invoice that clearly showed the purchase amount and payment method. Between that and my bank records, everything was perfectly documented without any special forms or reporting on my end. One tip: ask your bank about any wire transfer fees beforehand. Mine charged $25 for domestic wires, which wasn't a big deal given the purchase amount, but it's good to know upfront. The whole process was actually much smoother than I expected once I got past the initial anxiety!

As someone who works in banking compliance, I can confirm what others have said - you don't need to personally report the wire transfer to the IRS. The Bank Secrecy Act requires us (the banks) to file Currency Transaction Reports for certain large transactions, but that's our responsibility, not yours. What you should know is that wire transfers over $3,000 are already tracked by banks through the Bank Secrecy Act, and transfers over $10,000 trigger additional reporting requirements - but again, all handled by the financial institutions involved. Your main job is just to keep good records for your own files. Save the wire transfer receipt, the purchase invoice from the jewelry store, and maybe a simple note about what the purchase was for. This documentation will be helpful if you ever need to explain the transaction for any reason (insurance claims, future sales, etc.). The jewelry store will likely file Form 8300 since they're receiving over $10,000, but that's standard business practice for them. You're just making a legitimate purchase with legally earned money - there's nothing suspicious or reportable about that from your end. One practical tip: call your bank ahead of time to let them know about the large wire transfer. Some banks will put a temporary hold on unusual activity, so giving them a heads up can prevent any delays or complications on the day you want to make the purchase.