Has anyone dealt with gift splitting when only one parent is on the home title? My mom owns her house outright (dad passed away) and wants to gift us equity, but I'm confused if only she can make the gift or if her new husband can somehow help with the annual exclusion amounts even though he's not on the title.

Just went through this exact scenario last month! The confusion you're experiencing is totally normal because many professionals don't deal with equity gifts regularly. Here's what I learned: The $85k equity gift will likely require your parents to file Form 709 for the amount exceeding annual exclusions, but they won't actually owe taxes unless they've already used up their lifetime exemption (which is over $13 million each). One important thing I wish someone had told me earlier - make sure to coordinate with your title company AND lender early in the process. Our closing almost got delayed because the lender wanted additional documentation that the title company didn't initially prepare. The gift letter needs very specific language that both parties will accept. Also, consider the timing carefully. We discovered that having the equity gift structured properly from the beginning made everything smoother than trying to adjust the arrangement later when documents were already in progress. The good news is that you won't owe any income tax on receiving the gift, and it sounds like your parents are well under the lifetime exemption limits where actual gift tax would be due.

I'm currently experiencing this same issue and it's been incredibly stressful not knowing what's happening! Thank you all for sharing your experiences - it really helps to understand that the single 810 code is actually the IRS stopping my return before it even enters normal processing. I've been checking my transcript daily wondering why no other codes are appearing, but now I realize that's exactly how it's supposed to look when you're in identity verification limbo. One question for those who have been through this - after you completed verification (whether online or by phone), how long did it take for your transcript to update and show that the 810 code was released? I'm trying to plan around some financial obligations and want to have realistic expectations for the timeline once I get through the verification process. Also, has anyone noticed if filing early vs. late in the season affects how quickly they process returns after identity verification is complete?

I'm going through this exact same situation right now and this thread has been incredibly helpful! I've had just the single 810 code on my transcript for about 3 weeks now, and like everyone else, I was expecting to see other codes appear based on previous years' experiences. I tried the online verification at idverify.irs.gov twice but kept getting error messages saying they couldn't verify my information. I'm planning to call the 800-830-5084 number tomorrow morning. One thing I'm curious about - for those who successfully completed phone verification, did you need to have your actual tax return documents in front of you during the call, or was having last year's AGI and basic info sufficient? Also, I noticed some people mentioned that transcripts update on Fridays - is that a reliable pattern for seeing changes after verification is complete? I'm trying to figure out the best days to check for updates so I don't drive myself crazy refreshing daily! Thanks to everyone who shared their experiences here. It's such a relief to know this is normal for 2024 and not some unique problem with my return.

Has anyone used TurboTax for reporting foreign property sales? Is it capable of handling these complex situations or should I just hire a CPA? Worried about missing something important.

I went through a very similar situation when my family sold property in the Philippines last year. One thing I wish someone had told me earlier is to get all your property documents organized and translated (if needed) well before you start the tax filing process. The biggest surprise was learning about the FBAR (Foreign Bank Account Report) requirements. Since the sale proceeds sat in a foreign account temporarily while we arranged the transfer, we had to file FinCEN Form 114 because the account balance exceeded $10,000 at any point during the year. This is completely separate from your tax return and has its own filing deadline. Also, make sure to keep detailed records of all transaction costs, legal fees, and transfer fees - these can often be added to your basis or deducted as selling expenses, which reduces your taxable gain. With a $200-250k sale, even small percentage savings can add up to significant dollar amounts. One last tip: if your parents are planning to become US tax residents soon, consider consulting with an Enrolled Agent who specializes in international taxation. The timing of the sale relative to their residency status could have major tax implications, and it's worth getting professional advice upfront rather than trying to fix issues later.

idk but the IRS be playing games this year fr. 6 weeks and still processing here 🙄

Same thing happened to me last year! Jackson Hewitt denied my RAL even though I had been approved before. Turns out the IRS had put a hold on my return for income verification - had nothing to do with my credit. The tax prep places can't approve the loan if the IRS has any flags on your return, even if they don't tell you about it upfront. Try checking your account transcript on irs.gov to see if there are any indicators or codes that might explain what's going on. Sometimes there's stuff happening behind the scenes that the tax office doesn't even know about.

has anyone actually received their ertc refund yet??? filed 941-x last february and still nothing. getting worried the money will never come at this point :

I can confirm what others have said - your accountant is definitely wrong about claiming ERTC on current year taxes. As a small business owner who went through this process last year, you absolutely must file Form 941-X amendments for each qualifying quarter. I made the mistake of trusting my original CPA's advice (similar to yours) and almost filed incorrectly. The ERTC is specifically tied to payroll taxes from those pandemic quarters, not income taxes. There's no mechanism in the tax code to shift it to current year filing. My advice: find a new accountant who understands ERTC rules properly, or at minimum get a second opinion from someone who specializes in employment tax credits. The penalties for filing incorrectly could be severe, and you don't want to deal with that headache later. The extra paperwork for proper 941-X filings is worth doing it right the first time.