This is really helpful information! I'm in a similar situation with vintage video games I've been selling. One quick question - if I bought a game at a garage sale for $5 but don't have a receipt, can I still use that as my cost basis? I keep detailed notes of what I pay at garage sales and estate sales, but obviously don't get formal receipts from individual sellers. Also, does anyone know if storage costs count? I rent a small storage unit specifically for my collection, and I'm wondering if I can allocate part of that monthly cost to items I sell.

This thread has been incredibly helpful! I'm dealing with a similar situation but with vintage watches. One thing I wanted to add that might help others - if you're selling items that have appreciated significantly in value over many years, make sure you understand the difference between short-term and long-term capital gains treatment. Even as a hobby seller, if you held an item for more than a year before selling, any gain might qualify for more favorable long-term capital gains rates rather than being taxed as ordinary income. This could make a big difference on high-value collectibles. Also, I've found it helpful to take photos of items before packaging them for sale - this creates a visual record that can help support your basis calculations if you ever need to reconstruct your records. Just another small tip that might save headaches down the road!

Just wanted to add my perspective as someone who works in payroll - this mistake is incredibly common and you're definitely not alone! We see this all the time with newly married employees who forget to update their W-4s. The good news is that the IRS withholding tables for "Single" are designed to be more conservative (meaning they take out more tax) precisely because single filers don't get the benefit of married filing jointly brackets and deductions. So you've essentially been overpaying all year. One tip for the future: when you update your W-4s for 2025, consider using the IRS withholding calculator on their website (irs.gov) to get the most accurate withholding amounts. This will help you avoid both overpaying (like you did this year) and underpaying in future years. The calculator takes into account both spouses' incomes and helps optimize your withholding. You should definitely breathe easier - this "mistake" likely saved you from having to make estimated quarterly payments that many married couples with similar incomes sometimes need to make!

As someone who went through this exact same situation two years ago, I can confirm what everyone else is saying - you're actually in great shape! My husband and I both forgot to update our W-4s after getting married and were withholding as single all year. We were terrified we'd owe a huge amount. Turns out we got back almost $4,000! Our tax preparer explained that the single withholding rate is much more aggressive than married withholding, so we had essentially been overpaying taxes all year long. When we filed married filing jointly, we qualified for better tax brackets and a higher standard deduction, which made our refund even larger. The key thing to remember is that your actual tax liability is based on your marital status on December 31st, not what your W-4 said during the year. The W-4 just determines how much gets taken out of each paycheck - it's basically just an estimate. Your actual taxes are calculated when you file your return. Make sure to update your W-4s now for 2025 so you don't overpay again this year, but for 2024 you should be expecting money back rather than owing. Congratulations on your marriage, and don't stress about this - it's one of the most common "mistakes" that actually works out in your favor!

Your situation with the duplex is pretty common, and you're asking all the right questions! Here's how I'd approach it: For the laundry addition, definitely separate the components. The washer/dryer ($1,200) are personal property that depreciate over 5 years. The plumbing ($1,800), electrical ($950), and wall work ($600) are building improvements that go on the 27.5-year schedule. Even though they all worked together to create the laundry space, they have different depreciation lives under IRS rules. Since the laundry facilities are exclusively for the rental unit, you can deduct 100% of those costs (not just 50%). The kitchen flooring would also be 100% deductible if it's only in the rental side. One thing to watch out for - if any of the work was fixing damage or wear from previous tenants (like patching holes or replacing broken fixtures), those portions might qualify as repairs that you can deduct immediately rather than depreciate. The test is whether you're restoring to the condition it was in when you first rented it out. For your first year, I'd really recommend getting a tax pro who handles rentals to set up your depreciation schedules correctly. They can also help you make elections like the de minimis safe harbor that could save you tracking small items. Once it's set up properly, future years become much easier to handle yourself. Keep all your receipts and take photos of the work - good documentation makes everything smoother if you ever get questions from the IRS!

For finding a tax pro who specializes in rental properties, I'd recommend looking for Enrolled Agents (EAs) or CPAs who specifically advertise real estate experience. You can search the IRS directory for EAs in your area, or check with your local real estate investor groups - they often have great referrals for tax professionals who really understand rental property rules. When you call potential tax pros, ask specifically about their experience with duplex properties and mixed-use situations. A good rental property specialist should immediately understand the allocation issues you're dealing with and be able to explain the de minimis safe harbor election and unit of property rules without you having to educate them. Also, since you mentioned this is your first year with the rental, make sure they can help you with the initial setup - like making sure you have the right depreciation basis established and any beneficial elections in place. Getting this foundation right in year one will save you headaches (and potentially money) for years to come. One last tip - if you do find a good tax professional, consider having them review your setup even in future years when you might do your own taxes. Rental property rules change, and having an annual check-in can catch opportunities or issues you might miss on your own.

I'm going through the exact same thing right now! My IRS transcript shows today as the deposit date for Credit Karma, but my account is still empty. Reading through everyone's responses here is really reassuring though - it sounds like Credit Karma consistently takes 1-2 business days longer than the official IRS deposit date. I've been checking my account every 30 minutes since this morning, but based on what others are sharing, it seems like this delay is just part of how Credit Karma processes tax refunds. Going to try to be patient and check again tomorrow morning. Thanks to everyone for sharing their experiences - it really helps to know this is normal!

I'm dealing with the exact same issue! My IRS transcript shows today as the deposit date for Credit Karma, but still nothing in my account. This is my first year using Credit Karma for tax refunds, so I was getting pretty worried. After reading everyone's experiences here though, it seems like Credit Karma's 1-2 day delay beyond the IRS deposit date is completely normal for them. Really appreciate everyone sharing their timelines - it's helping me understand that this isn't an error, just how their processing works. I'll stop refreshing my account every few minutes and wait until tomorrow or Friday. Thanks for creating this thread, it's been incredibly helpful for those of us experiencing this for the first time!

I actually learned about this distinction the hard way. Got audited in 2021 for my 2019 return where my accountant did exactly this - combined COGS and supplies. The IRS agent specifically flagged it because my "supplies" expense was way higher than typical for my industry while COGS was zero, which made no sense for a retail business. Ended up having to provide extensive documentation breaking down what was inventory vs. supplies. Didn't owe additional tax but it was a massive headache that cost me about $1,800 in accountant fees to resolve. Don't recommend the experience!

This is exactly why I always double-check my Schedule C before filing! Your CPA definitely made an error here - COGS and supplies should absolutely be separated. For a craft business with inventory like yours, the $24,500 in materials should be in Part III (COGS) and the $5,300 in office/shipping supplies should be on line 22. While your tax liability is probably the same either way, proper classification matters for IRS compliance and industry benchmarking. I'd recommend having a conversation with your CPA about this - she should be willing to explain her reasoning or acknowledge the mistake. If she can't provide a good explanation, you might want to consider filing an amended return to get it properly categorized. Don't feel bad about questioning this - you're paying for professional service and have every right to understand how your return was prepared!