Anyone using TurboTax for reporting crypto from non-CFTC exchanges? I tried but it seems to get confused with the forms when I tell it the trades aren't from a regulated exchange.

I've been dealing with this exact situation for the past two years. You're absolutely correct that non-CFTC regulated exchanges don't qualify for Section 1256 treatment, so all your gains will be treated as regular capital gains/losses. One thing I'd add that hasn't been mentioned yet - make sure you're also considering whether any of your trades might be classified as wash sales. This happens when you sell crypto at a loss and then buy the same or "substantially identical" crypto within 30 days before or after the sale. The IRS has been increasingly strict about this with crypto trades. Also, if you made any trades that could be considered "like-kind exchanges" (crypto-to-crypto trades before 2018), those have different reporting requirements. But for straight buy/sell trades on exchanges, you're right to treat them as short-term capital gains if held less than a year. Document everything now while you still have access to your trading history - some exchanges have been known to delete old records or shut down entirely.

One thing to keep in mind is timing - both benefits have specific deadlines you need to meet. The EV credit requires the vehicle to be placed in service during the tax year you're claiming it, and Section 179 has the same requirement. So if you're planning this purchase for 2025 tax benefits, make sure you take delivery and start using the vehicle for business before December 31, 2025. Also, I'd recommend getting pre-approval for financing before you start shopping if you're not paying cash. Electric trucks like the F-150 Lightning are still relatively new, and some lenders have different criteria for EV loans. Having your financing lined up will help you move quickly when you find the right vehicle, especially since inventory can be unpredictable. One more consideration - check if your state offers additional EV incentives for businesses. Some states have rebates or tax credits that can stack on top of the federal benefits. In my state, I got an additional $2,500 rebate for purchasing an electric commercial vehicle, which was a nice bonus on top of the federal savings.

I've been researching this exact scenario for my HVAC business and wanted to add a few practical considerations beyond the tax benefits everyone's discussed. First, make sure you understand the maintenance and charging infrastructure requirements. Business vehicles often have higher daily mileage than personal vehicles, so you'll want to plan for faster charging solutions. Many contractors I know have installed Level 2 chargers at their business locations, and some charging equipment may also qualify for additional tax benefits under different IRS programs. Second, consider the total cost of ownership beyond just the purchase price and tax benefits. Electric vehicles typically have lower maintenance costs (no oil changes, fewer moving parts), which can add up to significant savings over the vehicle's life. For my business, the reduced fuel and maintenance costs help justify the higher upfront cost even without considering the tax benefits. The F-150 Lightning is popular among contractors in my area, but also look at the Chevy Silverado EV when it becomes available - it might offer different advantages depending on your specific business needs and payload requirements. The key is making sure the vehicle actually serves your business needs while maximizing the available tax benefits. Documentation is critical for both benefits, so start keeping detailed records from day one about business vs personal use, charging costs, and any business-related modifications you make to the vehicle.

I'm in almost the exact same situation! Just found some 1099-INT forms from 2021 that I completely missed. Reading through everyone's responses has been so helpful - especially the clarification about having until April 18, 2025 rather than rushing to meet this year's deadline. One thing I'm wondering about that I haven't seen mentioned yet - if I file the amendment and it results in a larger refund, does that affect my eligibility for any programs that are income-based? I'm thinking specifically about things like healthcare subsidies or student loan payments that were calculated based on my 2021 AGI. Should I be prepared to potentially have adjustments made to other things, or do those programs typically not go back and recalculate based on amended returns? Also, for those who have successfully filed amendments - did you get any kind of confirmation from the IRS beyond just the processing of your refund? I'm a bit paranoid about making sure everything was accepted correctly, especially since it sounds like the paper process can be pretty slow. Thanks for all the great information everyone has shared! This community has been way more helpful than trying to navigate the IRS website on my own.

This thread has been incredibly helpful! I'm dealing with a similar situation where I discovered some missed deductions from 2021. Reading through everyone's experiences has really eased my anxiety about the timing. One thing I wanted to add that might be useful for others - when gathering your documents for the amendment, make sure to also pull your original tax return transcript from the IRS website. It shows exactly what they have on file for your original return, which can help you spot any discrepancies and ensure you're working with the same numbers the IRS has when preparing your 1040-X. I learned this tip from a tax professional friend, and it saved me from making errors when I was trying to remember exactly what I had originally filed. You can get transcripts online through the IRS website or by calling them (though as others mentioned, getting through by phone can be challenging!). The transcript is free and gives you peace of mind that you're amending from the correct baseline. Just thought I'd share this since it made my amendment process much smoother!

Make sure whoever does your taxes understands partnership taxation! I learned this the hard way - had an accountant who normally just did individual returns try to handle our partnership, and they completely messed up how they reported my guaranteed payments. Ended up having to file an amended return.

One thing I don't see mentioned yet is the timing aspect of guaranteed payments. Unlike regular employee paychecks, you have flexibility in when you take guaranteed payments throughout the year, but you need to be strategic about it for cash flow and tax planning. I'd recommend setting up a regular monthly guaranteed payment schedule rather than taking lump sums. This helps with budgeting and makes quarterly estimated tax payments more predictable. Also, since guaranteed payments are deductible to the partnership, timing them can help manage the partnership's taxable income if you have a particularly profitable year. Just remember that guaranteed payments are considered "earned" when they're determined, not necessarily when they're paid out, so keep good records of when payments are authorized versus when cash actually changes hands.

This happened to me too! CP3500 notices are SO confusing especially when you know you filed. From what I've learned, sometimes the IRS sends these when there's a mismatch between your original return and amended return data in their system. Even though your amendment was "accepted" online, it might not have fully processed or linked correctly to your original filing. The good news is this doesn't mean you have to start completely over - you just need to provide documentation proving you filed. I'd gather copies of your original 2022 return (with filing confirmation), your 1040X amendment, and any supporting docs you changed. Send certified mail with return receipt so you have proof they received it. Also definitely call them at that number on the notice rather than the general line - you'll get someone who can actually look at your specific case. The wait times still suck but at least they'll have your file pulled up already. Hope this helps! 🤞

Ugh this is so frustrating! I went through something similar last year and it turned out my amended return got stuck in some weird processing limbo. What helped me was getting my official tax transcript (not just the online summary) and bringing that when I called - it showed them exactly what was in their system vs what should be there. You can request it online or by mail if you haven't already. Also keep calling that specific number on the CP3500 rather than the general line, they actually have access to examination files. Don't let them transfer you around! Stay strong, this stuff is such a headache but it does get resolved eventually 💪