Important note: Even if you cancel and refile before the IRS starts accepting returns, make sure your tax software doesn't auto-generate a new filing ID. Some services create a new submission ID for each filing attempt, which can confuse the IRS system and potentially flag you for filing duplicate returns. Always contact customer service directly rather than just trying to create a new return on your own!

I went through this exact same situation two years ago with TaxAct! The key thing to remember is that during the "transmission pending" period before the IRS opens, your return isn't actually filed yet - it's just queued up with your tax software company. I was able to call TaxAct and have them delete my original submission completely, then I prepared a corrected return with my missing W-2 and resubmitted it. The customer service rep told me this is actually pretty common in early January since people get eager to file but then realize they're missing documents. Just make sure when you call H&R Block that you ask them to "withdraw" or "delete" the return entirely rather than just "hold" it, because holding it might still send it through when the IRS opens. Get a confirmation number for the cancellation too - that saved me when there was some confusion later about whether it had actually been cancelled. You should be totally fine to do a clean refile as long as you handle it before January 27th when processing officially begins!

One thing to also consider is the timing of when your parents actually transfer the property. If they're doing this for estate planning purposes, they might want to consider the current economic climate and property values. Real estate values have been quite high recently, so gifting now while values are elevated could actually be beneficial from a gift tax perspective - they're using up their lifetime exemption based on today's high valuation, but if property values decline in the future, they've effectively "locked in" the gift at the higher value. Also, make sure you understand what happens with things like homeowners insurance during the transfer process. Some policies need to be updated or changed when ownership transfers, even between family members. You'll want to coordinate with your insurance agent to ensure there's no gap in coverage during the deed transfer process. The combination of gift tax implications, capital gains basis issues, property tax reassessment risks, and insurance considerations makes this a complex transaction that really benefits from professional guidance. Good call on setting up those CPA meetings!

Just wanted to add another important consideration that I learned the hard way - make sure to get a professional appraisal of the property at the time of transfer. The IRS requires fair market value to be established for gift tax purposes, and if they ever audit the transaction, having a certified appraisal from a licensed appraiser will protect you. Don't just rely on online estimates or recent comparable sales - those might not hold up if questioned. A proper appraisal typically costs $400-800 but could save you thousands if the IRS ever challenges the reported value and tries to assess additional gift taxes. Also, keep detailed records of any improvements or major repairs your parents made to the property while they owned it. These can sometimes be added to your cost basis even in a gift situation, which would reduce your potential capital gains exposure if you sell later. Your CPA can help determine which expenses qualify for basis adjustments. The documentation requirements for property gifts are much more extensive than most people realize, so starting that paper trail early will make the whole process smoother!

Just want to add something important about dual-status aliens and Form 5471 that hasn't been mentioned yet. Even though you don't need to file Form 5471 for shares sold before becoming a US resident, you might still need to report the sale on your dual-status return. If the sale of those foreign shares resulted in a capital gain, you'll need to report it on Schedule D and Form 8949, but only if it was US-source income or effectively connected with a US trade or business. Foreign-source capital gains realized during your non-resident period are generally not taxable in the US. Double check if you have any dividend income from those shares before selling them too. Depending on the source, those might need reporting.

Has anyone used TurboTax for a dual-status return with foreign income issues? I'm trying to figure out if it can handle Form 5471 correctly for part-year residents.

Has anyone in this thread used TurboTax for multiple LLC situations? Their interface seems to struggle with two separate Schedule Cs with different QBI calculations. I'm wondering if the OP's spreadsheet might actually be better than commercial software for this specific case.

This is really impressive work! As someone who's been through the frustration of CPAs missing obvious deductions, I totally get why you went the DIY route. Your spreadsheet approach sounds comprehensive. One area I'd suggest double-checking is the interaction between your home office deduction and the QBI calculation. The home office deduction reduces your Schedule C profit, which then reduces your QBI base. But if you're also claiming the home office deduction on Schedule A (for the non-business portion), make sure you're not double-dipping anywhere. Also, have you considered how state tax implications might affect your federal deduction strategy? Some states don't follow federal bonus depreciation rules, so maximizing federal deductions could actually increase your state tax burden. The fact that you're covering 13 different forms shows you're really thinking holistically about this. That's exactly what most tax preparers miss - they focus on individual forms instead of optimizing across the entire return.

Can someone tell me if the gift tax applies to non-family members too? I'm planning to give my close friend about $30k to help with medical bills and I'm confused if I need to do anything about taxes.

Just wanted to add another important point that might help with your house down payment situation - if your parents are married and you're also married, they can actually give up to $68,000 per year without any gift tax forms! Here's how it works: Each of your parents can give $17,000 to you AND $17,000 to your spouse (that's $34,000 per parent, or $68,000 total). This is completely separate from the medical/tuition exemptions others mentioned. So for your $120,000 down payment, your parents could give you $68,000 this year with no paperwork, then give you another $52,000 next year (again, no forms needed if it's $68,000 or less). This way they could avoid filing any gift tax returns entirely while still helping you with the full amount over two years. Even if you're not married yet, this might be worth considering if you're planning to get married before buying the house - the timing could save your parents some paperwork hassle!