I'm so deeply sorry to hear about your daughter's AML diagnosis and everything your family has endured. As a parent myself, I can't imagine the strength it takes to navigate both the medical and financial challenges you've faced. The wonderful news is that you can absolutely put your tax worries to rest. Medical GoFundMe donations are definitively considered gifts under IRS guidelines, not taxable income. That $24,000 your community generously donated will NOT need to be reported on your tax return. I completely understand your anxiety given your previous IRS experience after your divorce. However, this situation is fundamentally different - you're receiving gifts from people who want to help during a medical crisis, with no expectation of anything in return. Here's what I'd recommend for your peace of mind: 1. Save your GoFundMe campaign page showing the clear medical purpose 2. Keep a simple log of donations received and major medical expenses 3. Retain bank statements showing GoFundMe transfers 4. Consider opening a separate account for these funds to create a clean paper trail The absence of tax forms from GoFundMe is completely normal - they don't issue 1099s for personal medical campaigns because these are non-taxable gifts. Your community rallied around your family during an unimaginable time. That generosity shouldn't create additional stress. Focus on your daughter's healing journey - the tax concern is one burden you can officially set aside. Sending thoughts and prayers for your daughter's continued recovery and strength for your entire family.

I'm so sorry to hear about your daughter's AML diagnosis and everything your family has been going through. Pediatric leukemia is an incredibly difficult journey, and having to deal with financial stress on top of medical concerns is overwhelming. The good news is that you can absolutely stop worrying about the tax implications of your GoFundMe donations. Everyone here is giving you accurate information - medical crowdfunding donations are considered gifts under IRS rules and are NOT taxable income to you. You will not need to report that $24,000 on your tax return. I completely understand your anxiety given your previous IRS experience. But this situation is entirely different. The IRS Publication 525 clearly states that gifts received are not income to the recipient, and medical GoFundMe campaigns fall into this category. A few key points for your peace of mind: - GoFundMe doesn't issue tax forms for personal medical campaigns because these are non-taxable gifts - Donors might need to report if they gave over $18,000 individually (2024 limit), but that's their responsibility, not yours - Keep simple records of donations and medical expenses for documentation purposes Consider opening a separate account just for the GoFundMe funds - it creates a clear paper trail and makes tracking much easier. Your community's generosity during this crisis shouldn't create tax burdens for you. Focus on your daughter's recovery and healing. Wishing your family strength during this difficult time and hoping for your daughter's full recovery.

I went through identity verification just last week and can share what happened in my case. The agent told me it was specifically for Form 8962 (Premium Tax Credit) verification, and she mentioned my case would be prioritized since it was a "simple authentication" rather than a full identity theft case. My timeline so far: verified on Tuesday, transcript still shows the 570 hold as of yesterday (day 6). The agent said to expect 2-3 weeks, but based on what others are saying here, it sounds like it could be sooner. One thing that might help - when you call back to check status, ask them to confirm the specific type of verification you completed. There are apparently different processing queues depending on whether it's identity theft, Premium Tax Credit, Earned Income Credit, or just general authentication. Knowing which queue you're in can give you a better timeline estimate. Good luck with yours! The waiting is definitely the hardest part.

I just went through this exact situation three weeks ago! After completing identity verification, my transcript updated in exactly 12 business days. Here's what I learned from calling multiple times (probably too many times, but anxiety got the better of me): The key thing is that once verification is complete, you're basically in a queue for manual review. The agent who helped me explained that they have to manually release the hold on your account, and it's not automated like regular processing. What helped me track progress was checking my transcript every few days - look for code 971 first (that's when they acknowledge the verification), then watch for the 570 hold to be released. Mine showed the 971 about 8 days after verification, then the hold released 4 days later. The 9-day timeline from last year sounds about right for normal processing volume. This year seems slightly slower but not dramatically - I'd estimate 10-15 business days based on what I've seen in various forums and my own experience. Hang in there! The waiting is brutal but it does eventually move.

Just to add one thing - if your SUV has a gross vehicle weight rating over 6,000 pounds, it might qualify for additional Section 179 deduction if you use actual expenses method. Worth checking the weight specs because it could make a BIG difference in year 1.

Great question! I went through a similar situation last year with my 2018 pickup truck. One thing that really helped me was creating a spreadsheet to compare both methods using my actual numbers. For a $26,000 SUV with 60% business use, the math can go either way depending on your annual mileage and maintenance costs. Since you're using it for the first time in 2025, you're smart to go with standard mileage to preserve your options. The standard mileage rate for 2025 is 67 cents per mile, so if you drive 15,000 business miles, that's $10,050 in deductions right there. One tip: definitely track your actual expenses this year too (gas, maintenance, insurance, etc.) even though you're using standard mileage. That way next year you can compare and see if switching to actual expenses makes sense, especially once your SUV starts needing more maintenance. And yes, you can absolutely deduct the prorated registration fees and sales tax! I deducted about $400 last year doing this. Just multiply your total registration/sales tax by your business use percentage and include it as a separate line item on Schedule C. The key is keeping excellent records either way. I use a simple mileage tracking app and take photos of all vehicle-related receipts. Makes tax time so much easier!

This has been such an educational thread! As a tax professional who works with small contractors regularly, I wanted to add a few clarifications that might help Austin and others navigate this properly. First, regarding the EV credit and Section 179 interaction - make sure you understand the "placed in service" timing requirements. Both benefits must be claimed in the tax year the vehicle is placed in service for business use, so you can't split them across tax years for strategic purposes. Second, while everyone's correctly noted that single-member LLCs can own assets personally, I always recommend clients document the business use percentage decision in writing (even just a simple memo to your tax file). The IRS loves consistency, and having a written rationale for your 90% business use claim strengthens your position if questioned. One thing that hasn't been mentioned - if your construction business grows significantly and you cross certain revenue thresholds, some of the depreciation benefits change. The Section 179 phaseout starts at $2.89M in equipment purchases (for 2024), but there are also business income limitations that could affect how much you can actually deduct in year one. Finally, keep in mind that taking maximum Section 179 in year one means lower depreciation deductions in future years, which could affect your tax planning if your income fluctuates significantly. Sometimes spreading the deductions over a few years via regular depreciation makes more sense depending on your income projections. Great discussion everyone - proper planning on vehicle deductions can save thousands in taxes when done correctly!

As someone who's been helping small business owners with vehicle deductions for several years, I want to emphasize how valuable this discussion has been. The advice about documentation being critical cannot be overstated - I've seen too many legitimate deductions get disallowed simply because the taxpayer couldn't substantiate their business use claims. One additional consideration for Austin and others in construction: consider the impact of your vehicle choice on your business image and client relationships. An electric pickup truck not only provides tax benefits through the EV credit and Section 179, but also positions your business as environmentally conscious, which can be a competitive advantage with certain clients. Also, regarding the mileage tracking apps mentioned throughout this thread - I always tell my clients to export their data monthly and save backup copies. Apps can have technical issues or companies can go out of business, so having your own copies of the raw data provides additional security for your records. The consensus here about being able to claim both EV credit and Section 179 is correct, but make sure your tax preparer is familiar with the interaction between these benefits. Not all preparers handle the basis reduction calculation properly, which could lead to errors on your return. Excellent thread with practical, real-world advice that will help many small business owners navigate these complex rules successfully!

Has anyone here used TurboTax for this situation? I'm trying to figure out how to enter our mortgage interest correctly when filing. When I try to enter the Form 1098, it assumes I'm claiming the full amount but I only want to claim my 50%.

This is such a common situation! I went through this exact same thing with my partner two years ago. The key thing to remember is that you can only deduct what you actually paid, not what's on the deed or mortgage paperwork. Since you mentioned you've been splitting bills 50/50 but have a 60/40 mortgage split, you'll want to look at your actual payment records. If you can show that you each paid 50% of the mortgage interest and property taxes through bank statements or other documentation, then you can each deduct 50%. One thing that really helped us was keeping a simple spreadsheet showing who paid what each month. We had similar ownership percentages but different payment arrangements, and having clear records made tax time much easier. Also, don't forget to check if itemizing even makes sense for both of you. With the higher standard deduction now ($13,850 for single filers in 2023), you need a decent amount of itemized deductions to make it worthwhile. Sometimes it makes more sense for just one person to itemize and claim all the house-related deductions while the other takes the standard deduction.