I'm really surprised nobody mentioned uninsured motorist property damage coverage! This isn't tax advice, but for future reference: Even with liability-only insurance, you can often add UMPD coverage for like $5/month. Would have covered hit and run damage up to your policy limits. Too late for OP now, but good info for anyone else reading this thread.

I'm sorry to hear about your situation, Ravi. Unfortunately, the other commenters are correct - personal casualty losses from accidents like hit and runs are no longer deductible on federal taxes unless they're from federally declared disasters. However, I'd encourage you to explore a couple of options: 1. **Business use**: If you used the vehicle for any legitimate business purposes (delivery work, real estate, consulting, etc.), you may be able to deduct the business portion of the loss. You'll need documentation of business mileage vs. personal use. 2. **State taxes**: Some states still allow casualty/theft deductions even when federal doesn't. Check your state's tax laws or consult a local tax professional. 3. **Legal recovery**: Consider consulting with a personal injury attorney about pursuing the hit-and-run driver if they were ever identified, or exploring other legal options for recovery. For future reference, uninsured motorist property damage coverage is usually very affordable and would have helped in this situation. I know that doesn't help now, but it's worth considering for your next vehicle. The tax laws really changed dramatically with the 2017 Tax Cuts and Jobs Act, and unfortunately not in favor of situations like yours.

I went through this exact same situation last year when I switched from TaxAct to FreeTaxUSA and my AMT credit from 2018 completely vanished. It's frustrating but you're absolutely on the right track with the sequential amendment approach. A few things that helped me navigate this process: 1. Before filing any amendments, I created a detailed spreadsheet tracking my original AMT payment year, the credit amounts that should have carried forward each year, and what was actually claimed. This became invaluable reference material. 2. When I filed my 2020 amendment, I included copies of my original 2019 Form 8801 showing the credit carryover that got lost. The IRS processor appreciated having that documentation right in front of them. 3. Be prepared for long processing times - my first amendment took about 20 weeks, but once it was approved, the subsequent years seemed to move faster (maybe 12-16 weeks each). 4. Keep detailed records of when you mail each amendment and get delivery confirmation. The IRS lost one of mine initially and I had to refile it. The good news is you caught this in time and you're definitely due those refunds plus interest! It's tedious but worth it in the end.

I appreciate everyone sharing their experiences with AMT credit issues! As someone who works in tax preparation, I wanted to add a few practical points that might help: First, when you're gathering documentation for the amendments, make sure to pull your original 2017 return that shows the initial AMT payment. The IRS sometimes wants to see the "birth certificate" of the credit to verify the original calculation was correct. Second, consider filing your amendments via certified mail rather than regular mail. Given the processing delays everyone's mentioned, having delivery confirmation becomes really important if you need to follow up or if something gets lost in their system. One thing I haven't seen mentioned yet - if your total AMT credit amount is substantial (over $10,000), you might want to consider getting professional help for at least the first amendment. The sequential nature means any error early on gets magnified through all subsequent years, and fixing a mistake in the middle of the process can be a nightmare. Also, keep in mind that interest calculations can get complex when you're amending multiple years. The IRS will pay you interest from each original filing date, but they calculate it differently depending on whether it's a credit carryforward situation versus a regular overpayment. Just something to be aware of when you're estimating your refund amounts. Good luck with your amendments - it's tedious but you're definitely doing the right thing by fixing this now!

I feel your pain! Had a similar issue with Wells Fargo last year where they held my refund check for 12 days. What finally worked for me was calling their executive customer service line (not the regular customer service) and explaining how this was causing financial hardship. They escalated it to their verification team and got it resolved within 2 business days. Also, document every call you make - date, time, representative name, and what they told you. This paper trail becomes really important if you need to escalate further. Hang in there, you'll get your money!

Same thing happened to me with Capital One last month! What finally got them moving was when I mentioned filing a complaint with the Office of the Comptroller of the Currency (OCC) - they regulate Capital One. I also requested they put me in touch with their "check verification department" specifically (not just regular customer service). Once I got to the right department, they were able to give me a clear timeline and actually followed through. Also, if you have the IRS notice or transcript showing the refund was issued, bring that - it can help speed up their verification process. Don't let them brush you off with vague answers!

Learned this the hard way last year! Had my business paying half my rent since I use half my apartment for work and my tax guy told me I was committing a major error by paying from company debit card. Had to refile and it was a mess.

Great question! As someone who's been through this exact situation, I can confirm what others have said - definitely pay your rent from your personal account, not your business account. The IRS is very strict about maintaining separation between personal and business expenses for S-corps. Since you mentioned you work from home about 30% of the time but don't have a dedicated office space, you unfortunately wouldn't qualify for the home office deduction. The IRS requires "exclusive and regular use" of a specific area for business purposes. Your dining room table that's also used for meals wouldn't meet this test. However, if you ever do set up a dedicated home office space in the future, the proper way to handle it would be to pay the full rent from your personal account, then have your S-corp reimburse you for the business percentage based on square footage. This keeps everything clean and properly documented. Keep that corporate veil intact - mixing personal and business expenses is one of the fastest ways to get in trouble with the IRS!

I've been reselling tickets for about a year and can definitely confirm what others have said about writing off unsold tickets. I had a similar situation with some expensive Bad Bunny tickets that I couldn't sell - bought them for $320 and they just sat there until the show passed. My tax preparer explained that since I bought them as business inventory with the intent to resell, they're considered a legitimate business loss once they expire. The key is having documentation that shows you were actually trying to run a business operation, not just buying tickets speculatively. For your Taylor Swift tickets, make sure you save: - The original purchase receipt/confirmation - Any proof you tried to sell them (listings, social posts, even texts to friends) - The event date to show they're now worthless Since you mentioned making a few hundred in profits from successful sales, that clearly shows business intent. Those $280 in losses can definitely offset some of your taxable gains. Don't leave money on the table - claim that deduction! The only thing I'd add is to start keeping better records going forward. I use a simple Google Sheet now to track every purchase, sale attempt, and final outcome. Makes tax time so much easier and gives you confidence that everything is properly documented.

I can definitely confirm what others have said about writing off those unused tickets! I've been doing ticket reselling for about 18 months and have claimed several expired tickets as inventory losses without any issues. Your Taylor Swift tickets are absolutely deductible as a business loss. Since you bought them with the intent to resell (which is clear from your other successful flips), they're legitimate business inventory. When they went unused, they became worthless - just like any retailer writing off expired or unsold products. The IRS guidance on this is actually pretty straightforward: if you can demonstrate business intent and the items have become worthless, you can deduct the full cost basis. Your successful sales throughout the year clearly establish that you're operating with profit motive, not just as a hobby. Make sure you keep that Ticketmaster confirmation and any evidence of your sales attempts. Even informal proof like social media posts or texts saying you had tickets available can help document that you were actively trying to sell them as business inventory. Don't second-guess yourself on this - that $280 loss is a legitimate business deduction that can offset your taxable profits. I've written off similar amounts for concerts where the resale market just completely collapsed, and it's never been questioned.