Anyone here actually used a CRT for crypto specifically? I'm looking at doing this with some Ethereum that's way up from my cost basis, but my attorney seems hesitant about using crypto in a trust like this. Said something about valuation issues.

This is exactly why I always recommend consulting with both a tax attorney AND a financial advisor who specializes in charitable trusts before setting up any CRT with volatile assets. The interplay between the 10% remainder rule, payment obligations, and asset volatility can create serious cash flow issues even when you're technically compliant with IRS requirements. One strategy I've seen work well is setting up what's called a "flip CRUT" - it starts as a net income makeup trust (NIMCRUT) that only pays out actual income earned, then "flips" to a standard unitrust once a triggering event occurs (like diversification of the original volatile assets). This provides protection during periods when the trust assets might not generate enough income to support full payments. The key takeaway from your crypto example is that while the 10% rule won't be violated by market crashes after establishment, you could end up with a trust that gets completely depleted paying the fixed annuity amounts, leaving nothing for the charitable remainder. That defeats the whole purpose of the structure.

Check if any of your dividend income is from foreign sources. If so, you might be able to claim the foreign tax credit, which while it doesn't reduce your investment income, could help offset some of the tax impact from losing the EITC. Also worth checking if any of your investments made return of capital distributions that might have been misclassified as dividends on your statements.

I'm in a similar situation with investment income pushing me over the EITC threshold. One thing that might help is reviewing your 1099s very carefully - sometimes brokerages misclassify certain distributions. Also, if you have any investments in REITs or master limited partnerships (MLPs), some of their distributions might be considered return of capital rather than dividend income, which wouldn't count toward the $11,000 limit. Another angle to consider: if you have any investments showing unrealized losses, you could sell them before year-end to generate capital losses that offset some of your gains or other investment income. Just make sure you don't run afoul of wash sale rules if you plan to repurchase. Unfortunately, there's no way to "undo" interest and dividends that have already been distributed to you this year, but these strategies might help reduce your reportable investment income for EITC purposes.

Random tip from someone who's been through this - make sure your husband is taking before and after pictures of everything he fixes up! Not only is this good for sales listings, but if you ever get audited, having visual proof of the improvements made can help justify the expenses. The IRS can be picky about hobby vs business classification for flipping activities.

Great question! I went through this exact same confusion when I started my furniture flipping side business. Here's what I learned works best in TurboTax: The initial purchase price of the motorcycles/tools should definitely go under "Cost of Goods Sold" - these are your inventory items that you're buying specifically to resell. For the repair parts and materials he's purchasing to fix them up, those go under "Materials and supplies" in the expense section. This includes things like replacement parts, paint, cleaning supplies, etc. One thing that really helped me was keeping a simple spreadsheet for each item - purchase price, repair costs, selling price, and profit. This makes it super easy when you're entering everything into TurboTax and gives you great records if you ever need them. Also don't forget about other deductible expenses like gas/mileage for picking up items, any selling fees (eBay, Facebook Marketplace, etc.), and even a portion of your phone bill if he uses it for business calls. These little things add up! The key is treating this as a legitimate business from day one with good record keeping. That way there's no question about hobby vs business classification with the IRS.

Might also depend on who your bank is. Some banks process ACH transfers faster than others. I got my split payment but the second half took 6 business days even though they said 3-5. My credit union is notoriously slow with processing.

This split payment thing is actually super common - I've seen it with almost every major tax prep company. They're basically hedging their bets in case the IRS rejects your return for any reason. The good news is that once they've released the first half, it usually means your return looks good and the second half should come through as promised. I'd give it the full 5 business days they mentioned before worrying. If it doesn't show up by then, definitely call them directly. Most of the time these payments come through exactly when they say they will, just feels longer when you're waiting for money you need!

Have you considered filing for an extension? If you're running up against the deadline and aren't sure about the signature requirements, you could buy yourself some additional time to either get a proper wet signature or research alternative filing methods. Just a thought!

Just wanted to share what worked for me in a similar situation last month. I had a client who couldn't come in due to mobility issues, and after researching extensively, I found that the IRS does offer some flexibility for situations like this. You can actually have your client sign a Power of Attorney (Form 2848) electronically, which allows you to sign Form 1096 on their behalf. The POA can be obtained through secure email with proper authentication. This is completely legitimate and I've used it successfully for several clients who couldn't provide wet signatures. Alternatively, if the client can manage it, you could do a video call while they sign the form at home, then have them mail it back to you in a prepaid envelope. This ensures you get the original wet signature the IRS requires while accommodating their health concerns. Both approaches have worked well for me and kept everything compliant with IRS requirements. Hope this helps with your deadline!