Something nobody's mentioned yet - if your new home purchase was after Dec 15, 2017, and your old one was before that date, there's actually different rules that apply to each! Mortgages from before that date can still use the old $1M limit rather than the new $750k limit. In your case, the first mortgage from 2017 would fall under the old rules, while the December 2025 mortgage would fall under the new rules. This means you might be able to deduct more than you think.

Has anyone used TurboTax for this kind of situation? I'm having the same issue but can't figure out where to enter the acquisition dates for my mortgages so it calculates the limitation correctly.

Consider consulting with someone who specializes in both US and Norwegian tax law - probably a firm with international offices. This is complex enough that general advice online could lead you astray. Also look into Norway's pension system advantages that might offset some of the tax burden. Their system is quite generous in some ways that might surprise you.

I've been through a similar situation when my spouse and I were considering a move to Sweden (which has comparable wealth tax policies). The holding company route seems attractive on the surface, but there are some serious pitfalls to consider. One major issue that hasn't been fully addressed here is the potential for deemed distributions under US tax law. If your holding company is classified as a Personal Holding Company (PHC), you could face undistributed personal holding company income tax at 20% on top of regular corporate taxes. This essentially forces you to distribute the income anyway, defeating much of the purpose. Additionally, Norway's "skatteflukt" (tax avoidance) rules are extremely broad and give their tax authorities significant discretion to disregard structures they view as primarily tax-motivated. I've seen cases where they've successfully challenged much more sophisticated arrangements than a simple US holding company. Before you invest time and money in this strategy, I'd strongly recommend getting a formal tax opinion from a firm that has actual experience with US-Norway tax issues, not just general international tax knowledge. The stakes are too high to rely on theoretical advice. Have you considered whether the timing of your move might allow you to restructure your investments beforehand to minimize the wealth tax impact? Sometimes the simplest approaches are the most effective.

What tax software are ppl using for small business/LLC filing? I've been using TurboTax for years but not sure if the home version handles this kind of business stuff well?

Great questions about the LLC timing! I actually went through this exact same situation with my Golden Retriever breeding operation two years ago. Here's what I learned from experience: I'd recommend starting the LLC sooner rather than later, especially since your boss (who's already an established breeder) is advising it. The key is demonstrating business intent from the beginning - which you clearly have since you're planning this systematically. For tracking expenses, definitely start recording everything now: premium dog food, supplements, vet visits (including health testing which can be expensive for breeding dogs), training classes, grooming supplies, crates, whelping boxes, and any breeding-specific equipment. Don't forget about registration fees, health clearances, and even travel costs if you plan to show your dog or travel for breeding. One thing I wish I'd known earlier - keep detailed records of everything, even small purchases. Take photos of receipts and store them digitally. The IRS really scrutinizes breeding businesses because some people try to write off pet expenses as business deductions when they're really just hobbyists. Also consider getting business insurance once you start breeding - liability coverage is important when you're selling puppies to families. The premiums are deductible as a business expense too. The LLC protects your personal assets if anything goes wrong, and starting it now means all your prep expenses are legitimate business deductions from day one. Just make sure you're serious about turning a profit - the IRS hobby loss rules are real!

For anyone else with this issue - check your previous years' W2s if you've been with the same employer. If boxes 3 and 5 had amounts in previous years but are suddenly empty this year, that's a red flag that something changed or there's an error.

Just want to add another perspective here - I'm a CPA and see this situation fairly regularly. Before you panic, definitely check if you're in any of these categories that Mason mentioned. But also look at your pay stub from your last paycheck of the year. Sometimes there are timing differences where the final payroll processing might not have been completed when the W2 was generated. Also, if you're dealing with multiple employers during the year, sometimes one might be exempt while another isn't, which can create confusion when you're comparing different W2s. One more thing to check - if you had any pre-tax deductions like a 401k, health insurance, or flexible spending account, those reduce your social security wages but not necessarily your regular wages in box 1. So boxes 1 and 3 might legitimately be different amounts, but box 3 should never be completely empty unless you're in one of those exempt categories. If none of these situations apply to you, definitely get that corrected W2 before filing!

How do you know if you "materially participated" for sure? I resell stuff on Poshmark and Mercari like maybe 5-6 hours a week. Is that enough to count?

This is such a common mistake - you're definitely not alone in this! The material participation question is honestly one of the most confusing parts of self-employment taxes, especially for people doing online selling as a side hustle. From what you described (taking photos, writing listings, shipping items), you absolutely materially participated in your eBay/PayPal business. The IRS considers activities like sourcing inventory, marketing, customer service, and fulfillment as clear signs of material participation. You were running the business, not just passively collecting income. Definitely file that amendment (Form 1040-X) to correct this. It's actually likely to work in your favor since business income where you materially participate gets better tax treatment than passive income. The good news is that this type of mistake usually results in getting money back rather than owing more. Don't stress too much about getting flagged - this is a legitimate correction of an honest mistake, and the IRS sees these kinds of amendments all the time. Just make sure to clearly explain the correction on the amendment form and keep records of your business activities in case you ever need to demonstrate your level of participation.