Quick question - did you file Form 2553 yourself or use a tax professional? I've seen this exact issue before with several clients, and it was usually because the form wasn't filled out correctly. Specifically, in Part I, there's a box for "date corporation first had shareholders" and one for "effective date of election" - if these aren't consistent with your narrative, the IRS defaults to the next tax year.

I went through something very similar when I converted my LLC to S-Corp last year. The IRS pushed my election to the following year, and it turned out to be a combination of timing issues and how I filled out the shareholder information section. Here's what I learned: if you converted from LLC to C-Corp in December 2024 but didn't have actual shareholders until after that date, the IRS might have used the shareholder date as your starting point rather than the incorporation date. Also, if you filed Form 2553 more than 75 days after either the incorporation date OR the date you first had shareholders (whichever is later), they automatically push it to the next tax year. My recommendation is to call the IRS first like others suggested, but also check your original form to see if there's a date discrepancy that might explain their decision. If it was truly just a processing error, they can usually fix it over the phone. If there was a technical issue with your filing timing or dates, you might need to request relief under the "reasonable cause" provisions, which requires a written explanation. Don't panic though - I've seen this resolved both ways, and worst case scenario, being a C-Corp for one year isn't the end of the world if you plan accordingly.

Has anyone used QuickBooks for tracking their real estate LLC finances? We're just starting out and trying to figure out the best system.

I went through something very similar when my partners and I started our real estate LLC two years ago. The tax complexity can definitely be overwhelming at first! A few things that might help beyond what's already been mentioned: 1. Don't forget about the potential Section 199A deduction (20% pass-through deduction) - real estate activities can qualify, but there are specific rules about whether your flipping is considered a "trade or business" vs investment activity. 2. For your vacant lot development costs, keep meticulous records of everything - surveys, permits, interest, insurance. These typically get capitalized into the basis of the property until it's completed/sold, then you can deduct them. 3. Consider electing out of the partnership audit rules (Section 6221) if your LLC qualifies. This can save headaches if you ever get audited, as it allows partners to be audited individually rather than at the partnership level. 4. Make sure your operating agreement clearly spells out profit/loss allocations and capital account maintenance. The IRS scrutinizes these closely for real estate partnerships. The learning curve is steep but gets much easier after your first year once you have systems in place. Hang in there!

I'm in a similar spot but with a 1098-T from 2022. Which tax software is best for filing an amended return like this? Can the free ones handle it?

Just want to emphasize what others have said - you're definitely not too late! I missed claiming my 1098-T for 2021 and successfully amended in 2023. The key thing is to be thorough with your paperwork. Make copies of everything before you mail it, and definitely use certified mail or priority mail with tracking when you send your 1040-X to the IRS. One tip that saved me time: before you start the amendment process, call your school's financial aid office and ask them to verify the amounts on your 1098-T. Sometimes there are corrections or additional qualifying expenses they can clarify that might increase your credit. I discovered I had additional fees that qualified but weren't originally reported on my form. Also, don't stress about filing both your 2023 amendment and your 2024 return in the same season - the IRS processes these completely independently. Just make sure you're using the correct year's forms for each filing!

One thing nobody has mentioned yet - your wife should check with her bank about their specific policies on international wire transfers. Some banks charge ridiculous fees (my bank takes $45 per incoming international wire), and some may have additional documentation requirements. My husband is Canadian and when he first started sending me money, my bank froze the first transfer for 5 days while they "verified" it, which was super annoying. Might be worth her calling her bank in advance just to understand their specific process.

Just to add another perspective - I'm a US citizen married to a German citizen, and we've been dealing with these international transfers for years. One thing I learned is that your wife should keep documentation not just of the transfers themselves, but also proof of your marriage relationship. We keep copies of our marriage certificate and my husband's ID readily available because banks sometimes ask for this during larger transfers to verify the spousal relationship. Also, if your wife uses online banking, she should expect to see the transfers show up with codes like "OBI" (Originator Beneficiary Information) that might look confusing but are just standard international wire identifiers. The most important thing is that this really is routine - international spousal transfers happen thousands of times daily and the banks are well equipped to handle them properly.

I work at a tax office (not giving tax advice, just sharing experience) and this is one of the most common issues people come to us with. Besides what others mentioned about covered vs non-covered securities, here are other reasons transactions might not appear: 1. De minimis exceptions - some very small transactions (typically under $100) might not require reporting 2. Certain types of reorganizations and stock splits 3. Transactions in retirement accounts (these aren't reported on 1099-B since they're not taxable events) 4. Foreign securities from certain countries 5. Complex derivatives and certain partnership interests The system puts WAY too much burden on individual taxpayers. Even professional preparers sometimes struggle with reconciling what should vs. shouldn't be reported.

The specific publication you're looking for is IRS Publication 550 "Investment Income and Expenses" - it's the most comprehensive resource for understanding what gets reported and what doesn't. Chapter 4 specifically covers sales and exchanges of investment property and includes detailed explanations of the reporting requirements. Also check out the Instructions for Form 8949 and Schedule D, which have tables showing exactly which transactions require reporting even when they're not on your 1099-B. Fair warning though - Publication 550 is about 80 pages long and not exactly light reading! The IRS also has a shorter fact sheet called "Questions and Answers on Schedule D and Form 8949" that covers the most common scenarios in more digestible chunks. One thing I've learned from dealing with this mess is to keep meticulous records of ALL your transactions regardless of what shows up on the forms. The burden of proof is always on you if the IRS comes asking questions later.