Has anyone used a land contract instead of a mortgage? I've heard they're simpler but not sure about the tax differences.

This is a great discussion on installment sales! One thing I haven't seen mentioned yet is the potential impact of the Net Investment Income Tax (NIIT) if your modified adjusted gross income exceeds certain thresholds ($200k for single filers, $250k for married filing jointly). The 3.8% NIIT can apply to both the capital gains portion and interest income from your installment sale, which could significantly affect your overall tax liability. This is especially important to consider if the installment payments push you over the NIIT threshold in years when you might not have crossed it otherwise. Also, don't forget about state tax implications - some states treat installment sales differently than federal rules, so you'll want to check your state's specific requirements. The tax deferral benefit can vary significantly depending on where you live.

anyone know if theres a way to figure out WHY your return got selected for review? like are they looking at a specific part of my return or is it totally random?

I'm going through the exact same thing right now! Got my CP05 notice last week and have been stressing about it ever since. It's so frustrating because like you, I filed a completely straightforward return in February and was expecting my refund by now. The waiting game is the worst part - 60 days feels like forever when you're counting on that money. I've been checking my transcript obsessively but nothing has changed since the 810 code appeared. From what I'm reading here, it sounds like most people do get their full refund eventually, which is reassuring. I guess we just have to be patient even though it's incredibly annoying. Thanks for sharing your experience - at least I know I'm not alone in this! Keep us updated on how it goes. Hopefully we'll both see some movement on our transcripts soon. 🤞

Pro tip: the cycle code on your transcript can tell you your update schedule. Look at the last 2 digits - 05 means Thursday updates, 03 means Wednesday, etc. But honestly just use taxr.ai and save yourself the headache of trying to decode all this stuff

Been there! The obsessive checking is real 😅 From my experience, WMR typically updates overnight between 3-6am EST like others mentioned, but transcripts are more unpredictable. I've seen updates on random days throughout the week. The cycle code thing is helpful if you can figure it out, but honestly the IRS system has been pretty inconsistent lately. My advice? Pick one time per day to check (maybe early morning) and try to resist the urge to refresh constantly - it'll just drive you crazy and won't make your refund come any faster!

Just to add another perspective - I'm an expat who's lived abroad for years, and the foreign earned income exclusion (Form 2555) is different from your situation. That's for people who are genuine residents of foreign countries. Since your situation is a temporary absence and you intend to return to the US, you're still considered a US resident for tax purposes, which actually helps with your EIC eligibility. Make sure you don't accidentally file as a foreign resident which would definitely disqualify you from EIC.

Based on what you've described, you should still be eligible for the Earned Income Credit. The IRS recognizes that temporary absences due to circumstances beyond your control (like travel restrictions during emergencies) don't automatically disqualify you from EIC if you maintain your US residence and intend to return. The key factors working in your favor are: 1) Your absence was unplanned and involuntary, 2) You maintained your US ties and residence, and 3) You have clear intention to return. With only $3,800 in earned income, you're well within the income limits for EIC. Make sure to keep documentation of your situation - any records showing why you couldn't return (travel restrictions, family emergency details, etc.) and evidence that you maintained your US residence (lease payments, bank accounts, etc.). File your return as a US resident - don't use any foreign residency forms since your situation is temporary. You should be able to claim the EIC without issues, but having that documentation ready will help if the IRS ever has questions about your residency status during 2023.

Does anyone know if you can apply NOL carryforwards when using tax software like TurboTax or do you need an accountant? I'm trying to save money since I'm still in startup mode but don't want to miss out on using my losses from last year.

Just want to add my experience as someone who went through this recently. I had about $8k in losses from my graphic design business startup costs and was able to carry them forward successfully. The key thing I learned is that you need to distinguish between startup costs (which might need to be amortized over 15 years) and regular business operating expenses (which can create the NOL immediately). Things like your office supplies, software subscriptions, and marketing expenses that you mentioned should qualify for immediate NOL treatment. But if you had any costs related to actually starting the business (like legal fees to set up your LLC, initial market research, etc.), those might fall under the startup cost rules and need different treatment. I'd recommend keeping track of which category each expense falls into - it'll make carrying forward much smoother and help if you ever get questioned about it. The NOL carryforward has been a lifesaver for offsetting my profits this year!