Random question - if I've already certified in Robinhood but was confused about this, should I try to redo the certification? Or am I fine since I now understand what it actually means?

This is such a helpful thread! I've been dealing with the exact same confusion across multiple brokerages. It's frustrating that these financial institutions use such unclear language when asking for tax certifications. What I've learned from reading everyone's responses is that there's a critical distinction between: 1. The financial institution's FATCA reporting obligations (what Robinhood's form is about) 2. Your personal FATCA reporting obligations on Form 8938 (completely separate) The certification you're making to Robinhood is essentially saying "As a US person, you don't need to report my US account under FATCA." This doesn't affect whether you need to report foreign assets on your tax return. I think all brokerages should be required to use clearer language like "I certify that this account is exempt from FATCA reporting requirements" instead of making it sound like you're claiming a personal exemption from all FATCA obligations. The current wording creates unnecessary anxiety about committing perjury when you're actually just providing routine account classification information. Thanks to everyone who shared their experiences and resources - this has been incredibly clarifying!

Maybe consider keeping it until you've at least paid off the loan? Since you're underwater, you'd have to come up with cash to pay off the remaining loan balance if you sell. Plus, with the depreciation recapture, you might end up with a tax bill too. Sometimes holding an asset a bit longer can make the math work better.

This is a tough spot to be in! One thing to consider that might help with the cash flow issue is timing the sale strategically. If you're expecting higher income this year, you might want to wait until early next year to sell so the depreciation recapture income hits in a potentially lower tax bracket year. Also, since you're underwater on the loan, you could explore trading it in toward a more fuel-efficient business vehicle rather than selling outright. The dealer might roll the negative equity into the new loan, and if you buy another qualifying business vehicle, you could potentially take advantage of bonus depreciation again on the new purchase to offset some of the recapture tax hit. Just make sure to keep detailed records of business use percentage for both vehicles if you go that route. The IRS gets pretty picky about business vehicle deductions, especially on luxury vehicles like the GLE.

Does anyone know if scholarship money affects the 1098-T reporting? I had a partial scholarship for my last semester before graduating and I'm confused about how that impacts potential tax credits.

Great question! I was in a similar situation when I graduated in 2023. Yes, you'll definitely receive your 1098-T for 2024 since you paid tuition during that tax year. One thing I wish someone had told me - make sure to keep all your payment receipts and compare them to what's on the 1098-T when you get it. Also, since this is your first time filing after graduation, you might want to check if you're still being claimed as a dependent by your parents. If they're claiming you, they would be the ones eligible for the education credits, not you. If you're filing independently now, those education credits could be really valuable - the American Opportunity Credit can be worth up to $2,500. Don't leave money on the table!

Has anyone actually successfully filed a superseding return electronically? I'm seeing mixed info here. The IRS publication says superseding returns can be filed electronically but it sounds like the Free File system might reject it as a duplicate filing anyway?

I actually went through this exact situation last year with Free File fillable forms. Here's what I learned from experience: The Free File fillable forms system will almost certainly reject your superseding return electronically because their duplicate detection system can't distinguish between a duplicate filing error and an intentional superseding return. The system just sees that you've already filed and blocks it. What worked for me was using the Free File fillable forms to prepare my superseding return completely, then printing it out and mailing it. The key steps are: 1. Complete your entire corrected return in Free File fillable forms 2. Print the complete return (all forms and schedules) 3. Write "SUPERSEDING RETURN" in red ink at the very top of Form 1040 4. Mail it to the processing center for your state before the deadline (including extensions) Make sure you include ALL the same forms and schedules as your original return, even if they didn't change. The superseding return completely replaces your original filing, so it needs to be complete. One important note - if you're expecting a larger refund, the IRS will typically send you the difference. If you owe more, you'll need to pay the additional amount. The superseding return essentially cancels out your original return as if it never existed. The postmark date is what counts for meeting the deadline, not when the IRS processes it, so don't wait too long to mail it if you're getting close to April 15th!

Has anyone actually tried a cost segregation study for a smaller rental property renovation? I've heard they're usually only worth it for properties worth $500k+ but wondering if it makes sense for a $15-20k remodel?

Great question about cost segregation for smaller renovations! I had a similar situation with a $22k rental property remodel last year. I ended up going with a "component method" approach instead of a full cost segregation study, which was much more cost-effective. Basically, I worked with my tax preparer to manually identify and separate out the personal property items (appliances, removable fixtures, etc.) from the structural improvements. We were able to reclassify about 35-40% of the total renovation costs to 5, 7, and 15-year property instead of 27.5-year. The key was having detailed invoices that broke everything down by component - sounds like you're already set up well for this with your contractor's detailed billing. Items like your kitchen appliances, some plumbing fixtures, flooring, and even things like closet systems often qualify for shorter depreciation schedules. For a $15k project, I'd suggest starting with the component method before investing in a formal cost segregation study. You might be surprised how much you can accelerate just by properly categorizing the obvious personal property items!