I had the exact same issue last year! The problem is that when you and your spouse both work, each payroll system calculates withholding as if that's the only income in your household. So you're effectively getting double the standard deduction in your withholding calculations. Quick fix: take your combined annual income, find what tax bracket portions of it fall into, then calculate how much EXTRA tax you should be paying on that combined income vs what's being withheld. Divide by number of paychecks left in the year and put that amount in line 4(c) of your W-4s. For example, if together you're $10k into the 22% bracket but being withheld at 12% for that portion, you'd need about $1,000 more withholding for the year, or about $40 per biweekly paycheck each if you split it.

Don't feel bad, this happened to tons of people! The W-4 changes plus adjustments to withholding tables have messed up a lot of people's withholding. My husband and I owed $3k this year despite having "0" allowances for years with no problems. One thing no one's mentioned - check if your health insurance premiums or retirement contributions changed significantly. Those are pre-tax deductions that affect your withholding calculations. In our case, we switched to a cheaper health plan, which meant more taxable income but the withholding didn't adjust properly to account for it.

I went through the exact same situation when I bought my house two years ago! My mortgage was sold before my first payment too, and the new servicer's 1098 was missing the points. Here's what worked for me: I called the original lender (the one who actually processed my closing) and explained that their 1098 reporting was incomplete since the loan was sold. They were actually pretty helpful once I got through to the right department - turns out this happens frequently when mortgages are sold quickly after closing. They issued a corrected 1098 within about 10 business days. The key is to have your loan number from the original lender (should be on your closing documents) and your closing disclosure showing the points payment. If for some reason you can't get the corrected 1098, you can absolutely still claim the deduction using your closing disclosure as supporting documentation. Just make sure to keep detailed records in case of any questions later. The closing disclosure is an official HUD document, so it carries a lot of weight as proof of what you actually paid. Don't stress too much about it - this is more common than you'd think with how often mortgages get sold these days!

I actually work for a tax prep company and see this exact scenario multiple times every tax season! When mortgages are sold quickly after closing (especially before the first payment), the points reporting often gets lost in the shuffle between lenders. Here's the good news: you have several solid options. First, definitely try contacting the ORIGINAL lender who handled your closing - they're the ones responsible for reporting those points since you paid them at closing. Have your original loan number and closing disclosure ready when you call. If they're unresponsive or unhelpful, don't panic. Your closing disclosure is actually considered primary documentation by the IRS for points paid. You can claim the full $4,500 deduction on Schedule A using that document as support. Just make sure to keep detailed records and maybe include a brief note about the 1098 discrepancy when you file. Since this was for your primary residence purchase (not a refinance), the points should be fully deductible this year rather than amortized over the loan term. The fact that they're specifically listed as "discount points" on your closing disclosure makes this pretty straightforward. One tip: if you do get pushback from the original lender, mention that this is required tax reporting under IRS regulations - sometimes that gets you transferred to someone who actually knows what they're doing!

Just keep in mind that reverse exchanges are way more expensive - we paid almost $12K in additional fees for ours. Make sure the tax savings actually outweigh the costs!

Great discussion here! I'm actually in the middle of a reverse 1031 exchange right now and wanted to share a few additional tips that have helped me: 1. Start your property search for the replacement property early and get pre-approved financing lined up. The 180-day clock starts ticking the moment you close on the replacement property, so you want to be ready to move quickly on selling your relinquished property. 2. Consider hiring a real estate agent who has experience with 1031 exchanges. They understand the timeline pressures and can help price your original property aggressively to ensure it sells within the exchange period. 3. Have your tax documents and property records organized before you start. The QI will need detailed information about your original property's basis, improvements, and depreciation history. The reverse exchange process definitely requires more coordination than a standard exchange, but it's been worth it for us to secure the replacement property we really wanted. Just make sure you have a good team - QI, real estate agent, accountant, and lender who all understand the process and timelines involved.

Has anyone used TurboTax for reporting gambling winnings? Does it walk you through the process well or should I use a different tax software?

One thing I'd add that hasn't been mentioned yet - keep ALL your receipts from the casino, not just the W-2G forms. This includes ATM receipts, food/drink receipts, parking receipts, even hotel receipts if you stayed overnight. These help establish a timeline and can support your gambling activity documentation. Also, consider opening a separate bank account just for gambling if you plan to do this regularly. It makes tracking so much easier come tax time. You deposit your gambling bankroll, withdraw winnings, and everything is cleanly separated from your regular finances. And remember - gambling winnings are subject to both federal AND state taxes in most states, so don't forget to check your state's specific requirements. Some states have different thresholds for reporting than the federal government.

3 One thing nobody mentioned - make sure you keep a copy of that W9 form you filled out. I had an issue where my former landlord sent me a 1099 with incorrect information because they messed up entering my SSN from the W9. It was a huge hassle to fix, and having my copy of the form helped prove I gave them the correct info.

Great discussion everyone! As someone who's dealt with this exact situation, I wanted to add that it's also worth checking if your state has any specific requirements about when landlords must pay out accrued interest. Some states require annual interest payments to tenants, while others only require it at the end of the lease. This can affect when you'd receive a 1099-INT - you might get one each year if they pay interest annually, or just one big form when you move out if they hold it until lease termination. Your lease agreement should specify which approach your landlord uses. Also, keep in mind that even small amounts of interest income need to be reported on your tax return, regardless of whether you receive a 1099-INT form.