Don't overthink this! I've been managing 8 rental units for 12 years. Just get a accordion folder with 12 sections (one for each month), staple receipts to a piece of paper noting which property and what category (repair, improvement, etc), and drop in the right month. Then create a simple spreadsheet summarizing everything by property. My CPA loves this system because she can quickly find any receipt she needs to verify. The key is staying on top of it monthly rather than letting it pile up. Apps are fine but sometimes simple physical systems work better if you're consistent with them.

Great advice here! I'm dealing with the same issue with my two rental properties. One thing I learned the hard way - make sure to separate personal Home Depot runs from rental property expenses. I had receipts mixed together and it was a nightmare trying to figure out what was for my own house vs the rentals. Also, if you're doing any work yourself, don't forget to track mileage between properties and to/from the hardware store. Those trips add up over the year and are deductible. I use a simple mileage log app on my phone and just hit start/stop when I'm driving for rental business. The monthly organization system mentioned above is solid - I do something similar but use a binder with sheet protectors instead of an accordion folder. Makes it easy to flip through everything when tax time comes around.

Wait, I'm confused about something. If the equipment was fully depreciated under Section 179, wouldn't the basis be zero? And if you sell it for any amount, all of that would be gain, right? But is that gain ordinary income or capital gain?

Just want to add one important point that hasn't been mentioned - make sure you're completing the "Final Return" checkbox on page 1 of Form 1065 if this is truly your last year of operations. This signals to the IRS that you're dissolving the partnership and helps avoid any follow-up notices about missing future returns. Also, when you distribute any remaining assets or cash to partners after selling the equipment, those distributions need to be reported properly on the partners' K-1s. If the distribution exceeds a partner's basis in the partnership, it could create additional taxable gain for them personally. Given that you mentioned this is a wind-down situation, you'll want to track everyone's ending basis carefully to avoid surprises at the individual level. The Section 179 recapture discussion above is spot-on, but don't forget that the character of this income (ordinary vs. capital) flows through to the partners' individual returns, so they need to understand how it affects their personal tax situation too.

Oh man, I feel for you! This exact scenario happened to my neighbor last year - Navy Federal froze her account right when she was trying to pay her mortgage. Here's what worked for her: **Immediate steps:** - Call Navy Federal back and ask to speak with their "IRS Levy Department" specifically (they have specialists who deal with this daily) - Request they fax you the levy documentation - you'll need this when talking to the IRS - Ask if they can process any pending transactions that were initiated before the levy hit **For the IRS side:** - When you call the Collections line, use these magic words: "I need an immediate economic hardship release due to imminent eviction" - this triggers a different process - Have your lease agreement and any eviction notices ready to fax immediately - Ask about "Currently Not Collectible" status if you're genuinely struggling financially **Emergency rent help:** - Contact your county's social services office - many have same-day emergency rental assistance - Local Salvation Army often has emergency funds available within hours, not days The whole thing took her about 3 days to resolve, but she got emergency assistance from her church for the immediate rent crisis. Don't give up - the IRS actually has procedures in place for exactly this situation because they know people need housing! Keep us posted on how it goes - rooting for you! 🤞

Brian, I've been through this exact nightmare scenario! First - take a deep breath. This is fixable, even though it feels overwhelming right now. **IMMEDIATE ACTION PLAN:** 1. **Call IRS Collections at 1-800-829-7650 RIGHT NOW** - explain you're facing immediate eviction and need emergency hardship release. Use the phrase "economic hardship due to basic living expenses" - this is the specific language that triggers their expedited review process. 2. **Get documentation ready**: Your lease, any eviction notices, bank statements showing the levy, and proof of your financial situation. The IRS needs to see this is a genuine hardship, not just inconvenience. 3. **Navy Federal workaround**: Ask them if they can issue you a cashier's check for the exact rent amount from any unlocked funds, or if they have emergency credit options. Some credit unions will work with members in crisis situations. 4. **Emergency rental assistance**: Call 211 immediately - they can connect you to same-day emergency rental programs in your area. Many programs specifically exist for situations like IRS levies. The silver lining here is that the IRS has specific procedures for housing-related hardship releases, and they can often process these within 24-48 hours when eviction is threatened. I've seen people get their accounts unlocked the same day when they had proper documentation. Also - once this crisis passes, definitely look into getting on an IRS installment plan so this doesn't happen again. You've got this! 💪

I've been following this thread with interest since I had a similar issue recently. What really helped me was understanding that the IRS designed IP PINs to be temporary by nature - they're not meant to be retrieved later, which is why the phone representatives can't help you get old ones. After reading through everyone's suggestions here, I'd recommend a two-pronged approach: First, definitely request those account transcripts for 2020 and 2021 through the IRS website. As others mentioned, these will show if your returns processed normally without identity verification issues, which is likely what you need to prove rather than the actual PIN numbers. Second, while you're waiting for the transcripts, do check any old tax software accounts you might have used those years. I was surprised to find my 2020 PIN buried in my FreeTaxUSA account history - apparently they save more detailed filing information than I realized. The frustrating phone experience you described is unfortunately typical, but the good news is that the transcript route doesn't require talking to anyone and gives you the verification most people actually need when they think they need old PINs.

I went through this exact same issue about six months ago and can confirm what others have said - there's no way to retrieve expired IP PINs from previous years. The IRS treats them as single-use security codes that expire after each tax year. What worked for me was requesting account transcripts for the years I needed through irs.gov/account/view-your-account-information. You can get them online instantly if you can verify your identity, or mail in Form 4506-T if you prefer. The transcripts will show if your returns were processed normally, which is usually what you actually need to prove rather than having the specific PIN numbers. I also found it helpful to search through my emails for "IP PIN" or "identity protection" - the IRS has been sending email reminders in recent years, and sometimes those contain reference numbers or confirmation that your PIN was issued. It's not the PIN itself, but it can be useful documentation. For the future, I now take a photo of my IP PIN letter as soon as it arrives in December and save it in multiple places. Learned that lesson the hard way after going through the same frustrating phone experience you described!

I've given up trying to do this correctly in TurboTax and just hire a CPA every year. With RSUs, ESPP, and now some ISO and NSO options too, it's just too complicated. Last year I tried doing it myself and ended up with a CP2000 notice from the IRS saying I underreported my stock sales. Paid more in penalties than what a good accountant would have cost. Learn from my mistake!

I went through this exact same nightmare last tax season with my Fidelity RSU and ESPP sales! Here's what I learned after making several mistakes: The key insight is that your Tax Reporting Statement (1099-B) is what you'll enter into TurboTax, but you MUST use the Supplemental Information to correct the cost basis, especially for RSUs. The 1099-B often shows incorrect cost basis that doesn't account for the income you already paid taxes on when the RSUs vested. My process now: 1) Enter each transaction from the 1099-B exactly as shown, 2) When TurboTax asks for cost basis, use the adjusted numbers from your Supplemental Information instead of what's on the 1099-B, 3) Double-check that any ESPP sales are properly categorized as qualifying vs disqualifying dispositions. The supplemental statement is your friend - it contains the real cost basis calculations that prevent double taxation. Without using it, you'll likely overpay taxes significantly. I almost made a $2,000+ mistake before catching this! One more tip: Keep detailed records of both statements. If you ever get an IRS notice, having both documents makes it much easier to explain the discrepancies between what's reported on the 1099-B vs what you actually filed.