One additional consideration that hasn't been mentioned yet - since you and your sister both received the property together via the quitclaim deed, you'll likely need to determine how to split the capital gains tax liability when you sell. The tax consequences will depend on whether you're considered joint tenants or tenants in common, which should be specified in the quitclaim deed. Also, make sure to factor in selling costs (realtor commissions, closing costs, etc.) when calculating your capital gains - these can be deducted from your gain to reduce the taxable amount. Given that the property has appreciated significantly since the 90s and you're using your father's original basis, every deduction will help minimize your tax burden. If the capital gains are going to be substantial, you might want to consider an installment sale if your buyers are willing - this allows you to spread the tax liability over several years rather than taking the full hit in 2025.

I went through something very similar with my father's property last year. One thing that really helped us was getting a professional appraisal of the property value as of the date your father executed the quitclaim deed, not just when he originally purchased it. While you can't get the step-up in basis that comes with inheritance, if your father made any significant improvements over the years, those can be added to his original basis. Also, don't forget about depreciation recapture if your father ever claimed depreciation on the property (like if he rented it out at any point). This gets taxed as ordinary income up to 25%, not at the capital gains rate. For the Form 709 question - yes, your sister should file this with his final return if the property value exceeded the annual gift exclusion ($17,000 in 2023). The good news is that it likely just reduces his lifetime gift/estate tax exemption rather than creating an immediate tax liability. One strategy we used was timing the sale carefully. Since you received the property in June, waiting until after June 2025 to close ensures you get long-term capital gains treatment. Even a few weeks difference in timing could save you significantly if it moves you from short-term to long-term rates.

As someone who's been through this exact situation multiple times, I can share that H&R Block's timing with the Emerald Card is generally consistent but not guaranteed. In my experience over the past 4 years, I've received my refund 1 day early about 75% of the time. The key factor seems to be when the IRS actually transmits the ACH file to H&R Block - if it's sent on a Thursday for a Friday DDD, you'll likely see it Thursday evening or Friday morning. However, if there are any processing delays on the IRS side, it comes exactly on the DDD. I'd recommend setting your expectations for the exact date (5/15/2024) but don't be surprised if you wake up to find it in your account on 5/14. The uncertainty is frustrating, but at least the Emerald Card doesn't charge fees for the deposit itself!

Thanks for this detailed question! As a fellow taxpayer who's dealt with similar timing uncertainties, I can share that H&R Block's Emerald Card deposit timing really does vary. From what I've observed and experienced, they tend to follow the ACH processing window pretty closely - so if the IRS sends the file early (which they usually do), H&R Block typically makes it available within hours rather than holding it until the exact DDD. However, I've learned not to count on it for budgeting purposes since there can always be processing delays on either the IRS or H&R Block side. Your DDD of 5/15/2024 falling on a Wednesday is actually good timing since weekday DDDs tend to be more predictable than weekend ones. I'd suggest checking your account Tuesday evening/night just in case, but plan your finances around Wednesday to be safe. The anticipation is always nerve-wracking, but at least the Emerald Card doesn't have deposit fees like some other tax refund products!

anybody know if u need the paid version of cash app for this to work?

Just wanted to add that you should also make sure your Cash App account is fully verified with your SSN and everything before using it for tax refunds. The IRS can be picky about matching names and info, so if there's any mismatch between your tax return and your Cash App account details, it could cause delays or even send your refund back. Also keep screenshots of your routing/account numbers just in case!

I'm currently dealing with this exact situation too! Filed my injured spouse form in May 2024 and I'm at 18 weeks now with minimal movement on my transcript. My husband has old student loan debt and they seized our entire $4,100 refund. What's been helpful for me is creating a spreadsheet to track all the transaction codes and dates - it helps me spot any small changes I might have missed. I've seen TC 971 AC 281 on my transcript which means they received my form, but still waiting for the AC 231 code that shows it's actually processed. One thing I learned from calling the IRS is that they're apparently backed up even more than usual this year. The agent told me that injured spouse claims filed with 2023 returns (for 2024 processing) are taking 20-26 weeks on average, not the 8-14 weeks they advertise. I know it's incredibly frustrating - we're basically giving the government an interest-free loan while they take their sweet time figuring out how to give us back our own money! But based on what I've read here and other forums, it does eventually process. Just wish there was better communication about realistic timelines. Hang in there - hopefully we'll both see movement soon! 🤞

I'm in a similar situation and feel your frustration! Filed my injured spouse form in March 2024 after my husband's old student loan debt caused them to offset our entire $4,500 refund. I'm now at 19 weeks with very minimal movement on my transcript. What I've learned through this painful process: 1. The 8-14 week timeframe is completely unrealistic. From everyone I've talked to and posts I've read, 18-25 weeks seems to be the actual reality right now. 2. Look for TC 971 AC 281 on your transcript - that shows they received your form. Then TC 971 AC 231 means it's processed and approved. Finally TC 846 is when they actually issue the refund. 3. The amount you get back depends on how you completed Part III of the form. If you earned 60% of the household income and had similar withholding percentages, you should get roughly 60% of the refund back. 4. Calling the IRS before 20+ weeks usually just gets you the standard "still processing" response and doesn't speed anything up. I know it's incredibly frustrating to wait this long for your own money, especially when you need it. Just try to stay patient - from what I've seen, these do eventually process, it just takes way longer than it should. Keep checking your transcript weekly and hopefully you'll see movement soon! The system is definitely broken when we have to wait 5+ months to get back money that was rightfully ours to begin with. Hang in there! 💪

I'm dealing with a similar situation - have K1s from 3 different private equity funds and TurboTax keeps throwing errors when I try to enter some of the more complex line items. One of my K1s has income from like 8 different countries and TurboTax just can't seem to handle all the foreign tax credit calculations properly. Reading through these responses, it sounds like there are definitely better options out there. The taxr.ai suggestion is interesting - I've never heard of specialized K1 analysis software before but it makes sense that something purpose-built would handle this better than general tax software. Has anyone here dealt with K1s that include both regular partnership income AND REIT distributions? That's where I'm really getting stuck with the current software I'm using.

I've been wrestling with this exact same issue! Last year I had K1s from two PE funds and TurboTax was absolutely terrible at handling the foreign income components. One of my K1s had income from operations in Germany, UK, and Singapore, and TurboTax kept miscategorizing the foreign tax credits. I ended up having to manually override so many entries that I lost confidence I was doing it right. The worst part was when it came to the Section 199A deduction calculations - TurboTax seemed to have no clue how to properly separate the different types of income for the 20% pass-through deduction. Reading through all these responses, I'm definitely going to try some of the alternatives mentioned here. The Drake software suggestion sounds promising, and that taxr.ai tool is intriguing - I had no idea there was specialized software just for analyzing K1s. For anyone else in this boat, I'd also recommend keeping really detailed notes about what income goes where on your K1s. The PE fund administrators sometimes provide supplemental guidance that helps clarify the more confusing line items, but you have to ask for it specifically.