Just a heads up, Zelle's daily/monthly limits vary A LOT by bank. With my credit union, I can only send $1,000 per day and $5,000 per month through Zelle. But my friend with Chase can do way more. You should log into your bank accounts and check the Zelle limits before assuming you can move the full $19K at once.

Great question! I can confirm what others have said - transferring money between your own accounts via Zelle is not taxable income. The IRS only cares about new income you're receiving, not moving your existing money around. A few practical tips for your situation: - Check both banks' Zelle limits first (as others mentioned, they vary widely) - Keep simple records showing these are transfers between your own accounts - just screenshots of the account names/numbers - Consider doing a test transfer first with a smaller amount to make sure everything works smoothly The $19K initial transfer might need to be split over a few days depending on your daily limits, but the monthly $2K transfers should be fine. I've done similar large transfers between my own accounts without any issues. The key is just making sure you can document that both accounts belong to you if anyone ever asks. Don't overthink this - it's a very common and legitimate way to move your own money between banks!

I went through this exact same scenario last year with my ex handling marketplace insurance for our kids. The coordination part that Fatima mentioned is absolutely crucial - I learned this the hard way when our returns got flagged for mismatched allocations. One tip that really helped me: before submitting anything, I sent my ex a screenshot of the completed Part IV showing my 0% allocation and asked them to confirm they were filing with 100%. We also exchanged the policy numbers to make sure we were using identical information. Also, keep copies of any communication about the arrangement (texts, emails, etc.) in case the IRS has questions later. They sometimes request documentation to verify the allocation agreement between households. The whole process is definitely more complicated than it should be, but once you get the coordination right, it's pretty straightforward.

I went through this same situation two years ago and it was such a headache until I figured out the process. Here's what worked for me: First, make absolutely sure you have the correct 12-digit policy number from your ex - this is critical because the IRS uses this to match up the allocations between households. For the actual form completion: • Fill out Part I with your tax family info as normal • Go to Part IV (lines 29-31) for the allocation • Enter the policy details on line 30 • Most importantly: put 0% in column (e) for your allocation percentage • Make sure to check the box indicating you're using an alternative allocation method The biggest mistake I see people make is trying to coordinate this after they've already filed. Do it BEFORE either of you submit your returns. I actually had a phone call with my ex where we both had our forms open and verified we had matching policy numbers and that our percentages added up to 100%. Also keep documentation of your agreement - I saved our text conversation where we confirmed the arrangement. Never needed it, but good to have just in case. The form is confusing but once you know which sections to focus on, it's actually pretty straightforward. Good luck!

Anyone know if it makes sense to do cost segregation on smaller properties? I've got a single family rental worth about $250k. Most companies seem to focus on much larger properties or commercial stuff.

Great thread! I'm going through this process right now with my first rental property. One thing I learned that might help others - make sure to factor in your state taxes too when calculating potential savings. I'm in California with high state income taxes, so my effective tax rate on the accelerated depreciation is actually higher than just the federal rate, which made the numbers work even better. Also, if you're planning to do multiple properties, some companies offer package deals that can bring the per-property cost down significantly. I'm getting quotes for doing 4 properties at once and the cost per study drops from about $5K each to around $3K each when bundled. One question for those who've done this - do you typically do the cost segregation in the same year you purchase the property, or wait until the following tax year? I closed in December and wondering if there's any advantage to timing it one way or the other.

Something else to consider - make sure you're using the correct year's Form 982. The form changed slightly a couple years ago, and I accidentally used an outdated version at first. You can get the current form directly from the IRS website. Also worth noting that if you had multiple debts discharged in bankruptcy, you'll need to account for all of them on Form 982, not just the ones where you received a 1099-C. Some creditors don't send 1099-Cs for debts discharged in bankruptcy even though they're supposed to.

I went through this exact situation and can confirm what others have said - you don't need to stress about getting the 1099-C corrected before filing. The code G vs code A issue is actually pretty common with creditors who don't fully understand bankruptcy procedures. Here's what worked for me: I filed Form 982 checking box 1a for "Discharge of indebtedness in a title 11 case" and included the full amount from the 1099-C in Part II. I also attached a brief statement to my return explaining that the debt was discharged in Chapter 7 bankruptcy despite the incorrect reporting code on the 1099-C. The key is having your bankruptcy discharge paperwork readily available in case the IRS has questions later. I kept copies of my discharge order and the creditor matrix showing this specific debt was included. Never had any issues with my return being accepted or processed. Don't let the incorrect code cause you to delay filing - Form 982 is specifically designed to handle these situations regardless of how the creditor coded the cancellation.

Just a heads up on the marketplace HDHP option - make sure you check the deductible amounts carefully! Not all "high deductible" plans on healthcare.gov actually qualify as HDHPs for HSA purposes. For 2024, a qualifying HDHP needs to have a minimum deductible of $1,650 for self-only coverage and a maximum out-of-pocket limit of $8,050. I nearly messed this up when I was shopping for plans.

Great question about the HSA last-month rule and job transitions! I went through something similar a few years ago and learned a lot about maintaining eligibility during the testing period. One thing I'd add to the excellent advice already given is to consider the network differences between your current plan and potential new coverage. If you have any ongoing medical needs or preferred providers, COBRA might be worth the extra cost to maintain your existing network relationships through the end of the year. Also, when comparing marketplace HDHPs, pay close attention to the HSA contribution limits if the plan comes with an HSA from a different provider. Some HSA administrators have higher fees or limited investment options compared to others. Since you're only looking at a few months of coverage, the fees might not matter much, but it's worth checking. The timing advice others have shared is spot-on - you have until October 31st to remain HSA-eligible after your coverage ends on the 10th, and you'll want new HDHP coverage starting November 1st. This gives you a comfortable window to shop and compare options without rushing into a decision.