Has anyone here dealt with allocation of shared utilities in a situation like this? I'm in a similar position with a commercial/residential mixed building and I'm confused about how to handle common area utilities when part is business and part is personal.

One thing I'd strongly recommend is getting everything documented properly from the start. When we did a similar conversion, our CPA advised us to create a formal "conversion plan" that outlined exactly when each unit would transition from business to personal use, along with the square footage allocations. This documentation became crucial later when we had questions about which improvements qualified for depreciation. We included photos of the property before improvements, detailed cost breakdowns for each area, and a timeline of when different spaces would change use. Also, consider whether you want to elect out of bonus depreciation for some of these improvements. While bonus depreciation gives you bigger deductions upfront, it can create complications if you convert units to personal use shortly after. Sometimes taking regular depreciation over the longer schedule gives you more flexibility, especially with mixed-use properties like yours. Your accountant will probably want to see all this documentation, so getting it organized now will save you time and potentially money in professional fees later!

This thread has been incredibly helpful! I'm a CPA and wanted to add one important point that hasn't been fully addressed - documentation is absolutely critical for gift tax valuation dates, especially when market volatility is involved. Beyond just keeping your mailing receipt or broker confirmation, I always advise clients to create a simple written record that includes: (1) the exact date you mailed/delivered the transfer documents, (2) the stock's closing price on that date, (3) the exact number of shares being gifted, and (4) the calculated total value. Print out the stock quote from that date and staple it to your records. This becomes especially important if the IRS ever questions your valuation date during an audit. Having contemporaneous documentation showing you calculated the gift value based on the date you relinquished control (rather than trying to reconstruct it later) provides much stronger support for your position. Also, for anyone getting close to the annual exclusion limits, consider making the gift earlier in December rather than late in the year. This gives you more flexibility if market movements put you over the limit - you'd still have time to make additional planning moves before year-end if needed.

As someone who works in estate planning, I wanted to add a practical tip for anyone dealing with volatile stocks during gift transfers. Consider using a "collar" strategy if you're worried about price movements after initiating the transfer. Once you've mailed your transfer documents (establishing your valuation date), you could potentially purchase put options on the same stock to protect against further upside that might push you over the annual exclusion. This doesn't change your gift valuation date, but it can provide some peace of mind if you're cutting it close to the limit. Obviously, this adds complexity and cost, so it's probably only worth considering for larger gifts or highly volatile stocks. But it's an option that many people don't think about when they're stressed about market movements after the fact. Also, just to echo what others have said - definitely keep detailed records of your mailing date and the stock price that day. I've seen too many clients scramble to reconstruct this information later when they could have easily documented it at the time.

I know this is slightly off topic, but which medical studies are paying so well? I've only been finding ones that pay like $50-100 for a day of testing, and you made $5,800? Are you doing pharmaceutical trials or something more involved?

I'm a tax professional and can confirm that your medical study income on 1099-MISC forms absolutely qualifies as earned income for Roth IRA contributions. The IRS considers compensation for your time, participation, and following study protocols as "payment for services rendered," which falls squarely under the earned income definition. The key test is whether you're being paid for your active participation versus just receiving reimbursement for expenses. Since you're undergoing tests, taking medications, attending appointments, and following specific protocols, you're clearly providing services that warrant compensation. A few important points to remember: - This income is subject to self-employment tax (15.3%), so plan accordingly - You'll need to file Schedule C to report this business income - Keep records of any unreimbursed expenses related to your participation (travel, parking, etc.) as these may be deductible - The $6,500 Roth IRA contribution limit for 2024 still applies regardless of your total earned income Your $5,800 from medical studies gives you plenty of room to make a substantial Roth contribution this year. Just make sure to set aside funds for the additional taxes you'll owe on this self-employment income.

The IRS is so behind rn its not even funny. My brother filed in February last year and didnt see his $ until September smh

I'm in a similar situation - filed with TurboTax about a week ago and got the acceptance notification. From what I've read, the test batch thing is mostly for early filers in December/January before the season officially opens. Since we're filing now during regular season, we're definitely in the normal processing queue. The 21-day timeline is pretty standard for simple returns, but it can vary. I've been checking WMR obsessively too 😅 Hang in there!

I'm in the exact same situation! Filed our 941-X for 2020 Q2 and Q3 back in September 2021 and still nothing. We're a small restaurant that kept 8 employees on payroll even when we were only doing takeout orders during the lockdowns. The credit would be around $42,000 for us. I've been following this thread closely and just wanted to say thank you to everyone sharing their experiences and suggestions. It's reassuring to know we're not alone in this endless waiting game, even though it's frustrating that so many small businesses are still stuck in limbo. Based on what I'm reading here, it sounds like persistence is key - whether that's through the phone services mentioned, document review tools, or just keeping detailed records for follow-up letters. Has anyone had success with congressional inquiries? I've heard mixed things about whether local representatives can actually help with IRS issues like this.

This thread has been incredibly helpful - thank you all for sharing your experiences! I'm in a similar situation with our 2020 ERC claim filed via 941-X in late 2021, still waiting. Reading through everyone's updates, it seems like there are really three main approaches that have worked: 1) Using tools like taxr.ai to identify and fix potential errors in your filing, 2) Getting through to the IRS via services like Claimyr to get actual status updates, and 3) Being persistent with follow-up documentation and inquiry letters. What strikes me is how many of you discovered errors or missing documentation that was causing delays - makes me wonder if I should review my own filing more carefully. The IRS clearly isn't going to tell you what's wrong; you have to figure it out yourself. For those still waiting like me, it's frustrating but somewhat comforting to know this isn't unusual. Emma Wilson's 26-month timeline gives me hope that these claims are still being processed, just very slowly. I think I'll try the document review approach first, then maybe the phone service if I can't identify any obvious issues with my filing. Has anyone here had their claim outright denied, or have most of you who waited long enough eventually received payment?