Real talk - once you see code 150, look for cycle code next to it. That can tell you what day of the week updates happen for your account. Major 🔑 to watching your transcript!

Code 150 is definitely one of the most important ones to understand! It's basically the IRS's way of saying "we've processed your return and here's what we calculated." The date next to it shows when they finished processing, and the amount shows your total tax liability. From there you can track if you have credits, payments, or refunds coming by looking at the other transaction codes that follow. It's like the foundation that everything else builds on!

Just wanted to mention that recreating a depreciation schedule isn't necessarily super expensive. I'm surprised your new tax pro is making a big deal about it. When I switched accountants, mine recreated 8 years of depreciation schedules for about $150. They said it was pretty straightforward since residential rental property typically uses straight-line depreciation over 27.5 years. You might want to ask for a specific quote before assuming it'll be expensive. Also worth considering is that you'll need this documentation whenever you sell the property to properly calculate your adjusted basis and depreciation recapture, so it's an investment in proper record keeping.

I'm a CPA and this situation is unfortunately more common than it should be. Your previous preparer was absolutely required to file Form 4562 if they were claiming depreciation on your rental property - there's no way around it in legitimate tax software. What likely happened is one of two scenarios: 1) They were filing the form but just not giving you copies (which is still poor practice), or 2) They were manually entering depreciation amounts without properly completing the required schedule (which is concerning from a compliance standpoint). Before paying to recreate everything, I'd strongly recommend requesting your complete tax return transcripts from the IRS first. You can do this online through the IRS website or by calling them. The transcripts will show exactly what forms were filed with your returns. If Form 4562 was actually filed, you can request complete copies of your returns including all schedules. If the forms weren't filed properly, then yes, recreating the depreciation schedule is necessary and worth the investment. Just make sure your new preparer gives you copies of everything going forward - you should always have a complete copy of your tax return including all schedules and supporting documentation.

Make sure you file a statement with your joint return! My husband is on a J1 and I'm a citizen - we file jointly and have to include a statement that says "XXX [non-resident spouse name] and YYY [US citizen spouse name] are making the election to file a joint tax return pursuant to section 6013(g) of the Internal Revenue Code for the tax year 2023." You sign and date it and attach to your 1040. If you don't include this statement, the IRS might reject your return or question your filing status later! We learned this the hard way lol.

I went through this exact situation two years ago when I was on a J1 visa and my husband was a US citizen finishing his PhD with minimal income. After running the numbers both ways, we definitely saved money filing jointly. The key things that made filing jointly beneficial for us were: 1. Higher standard deduction ($25,900 vs $12,950 for married filing separately) 2. Access to education credits for my husband's tuition expenses 3. Potential eligibility for other credits like the Child Tax Credit if you have kids However, you'll need to be aware that by filing jointly, you're electing to be treated as a US resident for tax purposes, which means: - You'll report your worldwide income (not just US income) - You may lose certain tax treaty benefits available only to nonresidents - You'll need to include the election statement that others mentioned I'd strongly recommend calculating your taxes both ways before deciding. Also, don't forget that if you file jointly, your spouse will need an ITIN if they don't have an SSN. The whole process was actually smoother than I expected once I understood the requirements!

Is anyone here familiar with whether theres any tax benefit to donating some of these kinds of collections instead of selling? I heard something about being able to deduct the full value if you donate to a museum or something?

One thing to keep in mind is the holding period for inherited assets - since you inherited these baseball cards, they're automatically considered "long-term" regardless of how long you actually hold them before selling. This means you'll qualify for long-term capital gains treatment (which for collectibles is that 28% max rate Luis mentioned) even if you sell them right away. Also, if you're planning to sell the entire collection, consider spreading the sales across multiple tax years if the amounts are substantial. Since collectibles are taxed at that higher 28% rate rather than the preferential rates for stocks, managing the timing of sales can help with tax planning, especially if it keeps you in lower overall tax brackets. Make sure to keep detailed records of each sale - the IRS likes to see documentation for collectible transactions, so track the specific items sold, sale prices, and your basis in each piece. Good luck with those home renovations!

I'm dealing with the same frustrating situation! My deposit date was 3/5 and still nothing. What's really confusing is that the IRS website makes it sound like these dates are set in stone, but clearly there's a lot more complexity behind the scenes. I've been checking my account obsessively every few hours, which probably isn't helping my stress levels. It's reassuring to see I'm not alone in this - seems like March deposits are hitting some kind of bottleneck this year. Has anyone noticed if certain banks are more reliable than others for getting these deposits on time?

I'm going through the exact same thing right now! My deposit date was also 3/5 and I'm still waiting. It's so frustrating when you're counting on that money for bills or other expenses. From reading through all these responses, it sounds like delays are pretty common this time of year. I've learned that the NETSEND/DEEPBLUE system has multiple processing stages that can each add delays. What I found helpful was checking my transcript to make sure there's a code 846 (refund issued) with the 3/5 date - if that's there, then at least we know the IRS did their part. Now it's just a waiting game with the banking system. Hang in there, it should show up in the next day or two based on everyone else's experiences!