I work in medical billing and deal with DME valuations regularly. For prosthetic limbs specifically, you'll want to contact either the original manufacturer or a certified prosthetist for the appraisal. Many prosthetists are qualified to provide fair market value assessments since they understand depreciation rates and condition factors for these devices. A few things to keep in mind: prosthetics typically retain 30-60% of their original value depending on age, condition, and whether they're current generation technology. Since yours are still in good condition but older models, you're probably looking at the lower end of that range. Also, make sure Shriners can actually accept used prosthetics - some hospitals have strict policies about accepting used medical devices due to hygiene and liability concerns. I'd recommend calling them first to confirm they can use the donation before going through the appraisal process. The tax benefits are definitely worth pursuing given the original cost, but getting everything documented properly upfront will save you headaches later if the IRS has questions.

This is such a generous thing to do! I went through something similar when my mom passed away and we had to figure out what to do with her oxygen concentrator and mobility scooter. One thing I'd add to all the great advice here - make sure you get a detailed receipt from Shriners that specifically describes what you're donating (model numbers, serial numbers if available, general condition). The IRS can be pretty picky about documentation for high-value donations, and having everything spelled out clearly will help if they ever question the deduction. Also, keep copies of your original purchase receipts, insurance claims, and any maintenance records you might have. This documentation helps establish the original cost basis and shows you took proper care of the equipment, which can support a higher valuation. The appraisal route definitely sounds like the way to go given the original cost. Even if the appraisal costs a few hundred dollars, you'll likely come out way ahead on the tax savings. Good luck with the donation - I'm sure it will really help someone!

I inherited money last year and completely forgot to mention it to my tax preparer. Should I be worried? Do I need to file an amended return?

Sorry for your loss, Yuki. Estate matters can definitely be overwhelming when you're still grieving. Everyone here has given you solid advice about the tax implications. Since you're in Texas and receiving proceeds from a house sale and savings accounts, you should be good on both federal and state taxes - no inheritance tax in Texas, and standard inheritances aren't taxable income to beneficiaries. One practical tip: when you do receive the money, keep all the documentation from the estate (distribution letters, any tax forms the estate files, etc.). Even though you likely won't owe taxes on the inheritance itself, having this paperwork will be helpful for your records and might be needed if you ever sell inherited assets in the future. Also, don't feel pressured to make any big financial decisions with the money right away. Take some time to process everything first. The money will still be there when you're ready to decide what to do with it.

mine just cleared yesterday after 4 weeks! there is hope yall!!

I've been dealing with code 0905 for about 2 weeks now. From what I've researched, it seems like they're doing some kind of internal review. I know the waiting is super stressful but from reading other posts here it sounds like most people get through it eventually. Keeping my fingers crossed for all of us! 🤞

Reading through all these great suggestions, I wanted to add one more potential source of that remaining $3,200 discrepancy that I've encountered with construction partnerships before. Check your materials inventory carefully. Construction companies often purchase materials for specific jobs but may have leftover supplies at year-end that should be recorded as inventory assets rather than expensed. Things like: - Unused concrete, lumber, or other bulk materials purchased late in December - Hardware and small tools that were bought for jobs but not fully consumed - Fuel stored in tanks at the yard or job sites Also, verify how you're handling progress billings versus revenue recognition. If the partnership uses the completed contract method, make sure unbilled work (earned but not yet invoiced) is properly recorded as an asset, and any advance payments from customers are recorded as liabilities until the work is completed. Given that you've methodically worked through the major items and have such great advice from everyone here, I'm confident you'll track down that final amount. The construction industry has so many moving parts that these Schedule L balancing acts can feel overwhelming, but you're clearly approaching it systematically and that's exactly how these puzzles get solved!

This has been an incredibly helpful thread to follow! As someone who occasionally helps family members with their tax returns, I'm bookmarking this entire discussion for future reference. One small addition that might help with tracking down remaining discrepancies - I've found that bank reconciliations can reveal timing issues that affect Schedule L. Sometimes deposits in transit or outstanding checks at year-end don't get properly reflected in the balance sheet accounts. It's worth pulling the December bank reconciliation and making sure any reconciling items are correctly handled on Schedule L. Also, if the partnership has any credit cards, check for outstanding balances at December 31st that might not have been recorded as liabilities. Business credit cards used for job expenses throughout the year can easily have year-end balances that get overlooked. The systematic approach everyone has shared here really demonstrates why professional tax preparers are worth their fees for complex returns like partnerships. The number of places where errors can hide is truly eye-opening!

Watch out if you're using TurboTax to file! I had this exact situation last year and TurboTax incorrectly tried to make me pay taxes on the ENTIRE distribution, not just the earnings. Had to manually override it by entering the taxable amount exactly as shown on the 1099-R instead of letting TurboTax calculate it.

This is such a common source of confusion! I went through something similar last year and want to add a few practical tips that helped me: 1. Double-check your 1099-R box 2a (taxable amount) - it should only show the earnings portion, not your full contribution amount. If it shows the full amount, your brokerage may have made an error. 2. Keep detailed records of the timeline - the fact that you requested the return of excess contributions before your extended filing deadline (you filed in July 2023) is crucial for confirming this gets reported on your 2023 return. 3. If you're using tax software and it's giving you trouble with the PJ code, try entering it as "other retirement distributions" rather than letting it auto-categorize. This often bypasses the software's incorrect assumptions about Roth distributions. The key thing to remember is that since you corrected the excess contribution before filing your 2022 return, it's treated as if the contribution never happened for 2022 tax purposes. That's why everything gets reported in 2023 - the year the actual distribution occurred. Also worth noting: save all your documentation about this transaction. The IRS sometimes sends automated notices about retirement distributions, and having your paperwork organized will save you headaches if you need to respond to any correspondence.