What tax software are people using to handle this kind of situation? I'm in a similar boat and tried using [popular tax software] but it seems confused when I enter both my home sale and stock losses.

Great question! Yes, you can definitely use capital losses from selling underperforming stocks to offset the capital gains from your home sale. The $3K limit you mentioned only applies when you have more losses than gains and want to deduct the excess against ordinary income - but when you're offsetting capital gains with capital losses, there's no limit. So in your case with $24K in taxable gains from the home sale, you could potentially sell stocks with $24K in losses to completely eliminate your tax liability on the home sale. Just a few things to keep in mind: 1. Make sure you understand the wash sale rule - don't repurchase the same or substantially identical securities within 30 days 2. Consider the holding period - long-term losses are most efficiently used against long-term gains (which your home sale likely is if you owned it over a year) 3. Double-check your home's cost basis calculation - don't forget to include qualifying home improvements which can reduce your taxable gain This strategy can be really effective for managing a large capital gains tax bill from a home sale!

Be careful about what information you share when you do get through. Last year I reached an agent who asked me for information I wasn't comfortable sharing over the phone. Turned out it was legitimate, but always verify you're actually speaking with the IRS before providing sensitive details. They will never ask for full bank account numbers or passwords.

I've had success using the callback feature! If you call 1-800-829-1040 and get put on hold, listen carefully - sometimes they offer a callback option where you can hang up and they'll call you back when it's your turn. I used this last month and got a call back in about 90 minutes instead of sitting on hold. Just make sure you're near your phone when they call back because they only try once. Also, double-check that your phone isn't blocking unknown numbers or the callback might not come through.

This is such a stressful situation to be in! I went through something similar last year with my ERC claims. One thing that really helped me was creating a detailed timeline of all my filings - original 941s, any 941-X amendments, Form 7200s if you used those, and when each was actually submitted. The 3-year rule mentioned by others is correct, but it gets tricky when you have multiple quarters and different filing dates. I discovered I had staggered deadlines because I filed my Q2 and Q3 amendments at different times. Also, don't panic if you think you need to make changes. The IRS has been surprisingly reasonable with businesses that proactively address potential issues, especially compared to those who wait until an audit. If your accountant was rushed during COVID (and honestly, who wasn't?), it's better to double-check now than worry later. Document everything you review and keep copies of all your research. If you do need to amend, having that paper trail showing you acted in good faith will be invaluable.

I'm dealing with a similar situation and wanted to share what I learned from my tax attorney. The statute of limitations can actually be more complex than just the 3-year rule when it comes to ERC claims. If you originally filed for ERC by amending your 941s, the 3-year period starts from when you filed those 941-X forms, not your original 941s. But here's what caught me off guard - if you later need to amend those amended returns, you still have time as long as it's within 3 years of the ORIGINAL amendment date. Also, keep in mind that the IRS has been issuing guidance that some businesses who claimed ERC might not have actually qualified. The recent emphasis on "full or partial suspension of operations" has stricter interpretation than many businesses (including mine) initially understood. If you're having second thoughts about your eligibility, it might be worth getting a second opinion from a tax professional who specializes in ERC before the statute runs out. I wish I had done this earlier - would have saved me a lot of anxiety!

This has been such an enlightening thread! As someone who just graduated college and started my first full-time job, I had no idea how complex the true tax burden really is. I was only thinking about what gets taken out of my paycheck for federal and state income taxes, but reading about all these hidden taxes - sales tax, gas tax, property tax through rent, utility taxes, embedded corporate taxes - is honestly overwhelming. The 25-35% total burden range that keeps coming up means I'm potentially paying way more than I realized. As a new grad with student loans, every percentage point matters for my budget and long-term financial planning. I'm definitely going to try the tracking methods people have shared here, especially starting with categorizing my bank transactions to estimate sales taxes. The geographic arbitrage discussion is particularly relevant since I'm flexible about where I live early in my career - it sounds like the total tax picture should be a major factor in deciding between job offers in different states. What really strikes me is how this isn't taught anywhere in school. We learn about gross vs net pay, but nothing about the dozens of other ways taxes impact our actual purchasing power. This thread should honestly be required reading for anyone entering the workforce! Thanks to everyone for sharing their research and methods - this is exactly the kind of real-world financial education I wish I'd had before now.

This has been such a comprehensive and eye-opening discussion! As someone who's been casually wondering about my "real" tax burden for a while but never took the time to dig deep, this thread has given me both the motivation and the practical tools to actually figure it out. What really resonates with me is how fragmented and hidden so much of our tax burden is. I always knew about income taxes and sales tax, but I had never considered things like property taxes embedded in rent, utility taxes, or the corporate taxes that get passed through to us as consumers. The fact that we might be paying 25-35% total when everything is included is genuinely shocking. The geographic arbitrage discussion has been particularly valuable. I'm in a high-tax state and have been considering relocating, but I was only looking at income tax differences. Now I realize I need to factor in sales tax rates, property tax levels, utility taxes, vehicle registration fees, and all the other location-specific costs that add up over time. I'm going to start with the bank statement analysis approach that several people mentioned - categorizing transactions and applying local tax rates to estimate my actual sales tax burden. Even if it's not perfect, it has to be better than my current complete ignorance about where my money actually goes. Thanks to everyone who shared their research methods and real-world experiences. This is exactly the kind of practical financial education that should be taught in schools but isn't. Time to start taking control of understanding my actual financial picture!

I went through this same worry when I started my current job! The privacy concerns are totally understandable, but the good news is that the 1095-C system is actually pretty privacy-friendly for employees who waive coverage. Your employer will only see basic checkbox information: that they offered you qualifying health insurance and that you declined it. They won't see that you're on your spouse's government plan, what tier of coverage you have, or any other details about your alternative insurance. The form is really just about documenting that your employer met their ACA requirements to offer coverage. The HR meeting probably mentioned needing your information because they still have to report that they made the offer and you declined - but that's literally all they report about your situation. Think of it like a simple yes/no checkbox rather than a detailed health insurance questionnaire. If they're asking for additional documentation beyond just acknowledging that you're waiving coverage, you can always ask what specific company policy requires it and how that information will be used and stored. But for the 1095-C itself, your personal health details stay private.

I completely understand your privacy concerns - I had the exact same worries when I waived coverage at my job last year! The key thing to remember is that the 1095-C is really just an administrative form to show the IRS that your employer offered ACA-compliant coverage and whether you accepted it or not. Your employer literally cannot see any details about your spouse's government health plan through this process. They don't know what type of coverage you have, what it costs, what benefits are included, or even that it's specifically through your spouse's job. The form just documents two basic facts: "We offered this employee health insurance" and "Employee declined our offer." If your HR department is asking for additional information beyond just acknowledging that you're waiving their coverage, that's likely their internal policy rather than a legal requirement for 1095-C reporting. You're well within your rights to ask them to clarify what specific company policy requires any additional documentation and how that information will be stored and used. The bottom line is that your personal healthcare situation stays private - your employer just needs to document that they fulfilled their obligation to offer you coverage. Hope this helps ease some of your concerns!