11 You might need to file a gift tax return (Form 709) if the fair market rental value of the house exceeds the annual gift exclusion amount. Has anyone here had to deal with that form? Seems complicated.

This is a really thoughtful arrangement you've set up for your son. One additional consideration I haven't seen mentioned yet is the potential impact on your estate planning. Since the property is held in your family trust, you'll want to make sure your trust documents clearly outline what happens to this property if something happens to you and your wife. Also, keep detailed records of all expenses you pay related to the property (taxes, insurance, maintenance, etc.) and document that your son isn't paying rent. The IRS appreciates good documentation, especially for family transactions that might look unusual on paper. Your accountant will probably ask about your son's long-term living situation too - if this is intended to be his permanent residence versus temporary assistance, that can affect how some of the tax rules apply. Good luck with your appointment next month!

OMG this happened to me and I found a workaround! If you act FAST, you might be able to use the IRS's "Get My Payment" tool to update your bank info before they process the deposit! I literally caught mine just in time last year. Otherwise, if the deposit gets rejected, don't stress too much - they'll automatically mail you a check, but it'll take an extra 2-4 weeks. Another option is setting up mail forwarding with USPS if you're moving soon, so you don't miss the paper check. Whatever you do, DON'T file an amended return for this - it would only delay things more!

I understand your anxiety about this situation! As someone who works in tax preparation, I see this issue fairly regularly. The good news is that name mismatches on direct deposits are actually quite common with joint returns, and the IRS has established procedures to handle them. When the deposit attempt fails (which it likely will since Walmart MoneyCard confirmed they don't allow joint accounts), the IRS system will automatically convert your refund to a paper check. This typically adds 2-3 weeks to your timeline, but it's completely automatic - no action needed on your part. Just make sure your mailing address is current with the IRS. Also, definitely don't amend your return for this issue - it would only cause more delays. The IRS considers this a payment processing issue, not a filing error. Keep checking the "Where's My Refund" tool, and it should update you when the status changes from direct deposit to paper check being mailed.

Has anyone actually tried doing an STR in an Opportunity Zone? I heard there are additional tax benefits but not sure if they stack with the cost segregation benefits.

This is a solid strategy that I've been using for the past two years with great success. The key points everyone mentioned are spot-on, but I'd add a few practical considerations from my experience: First, the 7-day average stay rule is calculated across the entire tax year, not per booking. So you can have some longer stays as long as your overall average stays under 7 days. I track this monthly to make sure I'm on target. Second, documentation is EVERYTHING. I use a detailed spreadsheet tracking every hour spent on property management, maintenance, marketing, guest communication, etc. Include travel time to the property, time spent researching market rates, even time spent on STR education/training. The IRS wants contemporaneous records, so log hours as you go, not at year-end. Third, consider the state tax implications too. Some states don't allow the same federal deductions, so factor that into your ROI calculations. The strategy absolutely works, but it requires treating it like a real business with proper record-keeping. At your income level, you'll definitely want a CPA experienced with STR tax strategies to make sure you're maximizing benefits while staying compliant.

Just to add another perspective on legitimate AMT reduction strategies - charitable donations through a Donor Advised Fund (DAF) can be extremely effective. By bunching multiple years of donations into a single tax year, you can potentially push yourself over the standard deduction threshold and get more tax benefit while still distributing the actual donations over time. This works well with AMT planning because charitable contributions are fully deductible under both regular tax and AMT systems. Combined with careful timing of income recognition, this has saved me significant AMT exposure over the last few years.

One thing nobody has mentioned yet regarding AMT is the impact of timing your income recognition for incentive stock options (ISOs). If you exercise ISOs but don't sell the shares in the same year, you can create a HUGE AMT liability because the bargain element (difference between exercise price and fair market value) is included in AMT income but not regular taxable income. I learned this the hard way and ended up with a $45k AMT bill I wasn't expecting. If you have ISOs as part of your compensation, make sure you understand how they interact with AMT before exercising!

Another option to get your AGI: If you used tax software last year, just log back into your account. Most of the major ones (TurboTax, H&R Block, TaxAct, etc.) keep your returns on file. I just logged into mine from last year and found my AGI in like 2 minutes. For your specific calculation question - your AGI is basically: Total income (wages + any other income) minus certain "above-the-line" deductions. Those specific college expenses might qualify for the American Opportunity Credit or Lifetime Learning Credit rather than direct AGI reduction.

Quick tip that helped me: if ur trying to e-file and need last years AGI, some tax software lets u answer "0" or "Did not file" depending on ur situation. Worked 4 me when I couldn't remember my exact AGI! If u need the exact calculation process, AGI is basically: total income - adjustments. The adjustments are specific things like student loan interest, self-employment tax, health insurance if self-employed, etc.