This thread has been incredibly helpful! I'm dealing with a similar situation where our family trust owns multiple LLCs, and I've been going in circles trying to figure out the Section 179 implications. One thing I'd add for anyone reading this - make sure you understand the annual Section 179 limits too. For 2024, the maximum deduction is $1,220,000 with a phase-out starting at $3,050,000 of qualifying purchases. But these limits apply at the individual level, so if you have multiple entities owned by the same grantor trust, you need to coordinate across all of them. Also, don't forget about the "taxable income limitation" - you can't claim more Section 179 than the taxable income from all your businesses combined. This caught us last year when we had a big equipment purchase but lower profits than expected. The combination of using taxr.ai for document analysis and Claimyr to actually talk to the IRS sounds like a solid approach. Sometimes you need that official confirmation from the horse's mouth, especially with complex trust structures.

This has been an incredibly informative discussion! As someone new to this community but dealing with a similar trust/Section 179 situation, I wanted to share my recent experience. I had been struggling with this exact issue - our revocable trust owns an S-Corp that manufactures custom furniture, and we were looking at a major equipment purchase. After reading through this thread, I decided to try both services mentioned. First, I used taxr.ai to analyze our trust documents. Within 48 hours, I had a comprehensive report confirming that our grantor trust structure would allow the Section 179 deduction to flow through. The analysis was thorough and included specific tax code references. Then I used Claimyr to get official IRS confirmation. After weeks of failed attempts to reach the IRS on my own, I was connected to an agent in about 40 minutes. The agent confirmed the analysis and even provided additional guidance on proper documentation. One thing I'd add to this discussion - make sure your trust documents explicitly identify it as a grantor trust. The IRS agent mentioned that unclear language in trust documents can sometimes create complications during audits. Our attorney had to amend one provision to make the grantor status crystal clear. Total cost for both services was under $500, but it potentially saved us from losing out on a $75,000+ deduction. Sometimes the peace of mind and speed is worth paying for professional analysis rather than spending weeks researching on your own.

Just want to add another important tip - if you're using a credit card to pay your CP14 balance, check if your card offers any cash back or rewards for tax payments. Some cards categorize these payments as "government services" which might earn you points. Also, make sure you're not close to your credit limit before making the payment. I've seen people have their payments declined because they didn't account for the processing fee on top of the balance owed. The last thing you want is a failed payment when you're trying to stop penalties from accumulating! And definitely double-check that you're using one of the IRS-approved processors (PayUSAtax, Pay1040, or ACI Payments). There are some sketchy websites out there that look official but aren't actually authorized by the IRS.

I went through this exact same situation last month with a CP14 notice. Here's what worked for me: 1. Use the IRS.gov website to access the approved payment processors - don't Google them separately as there are fake lookalike sites. 2. For the payment category, select "Form 1040 payment" or "Individual tax payment" - there's no specific CP14 option. 3. Make sure to enter the correct tax year from your notice (probably 2024), not the current year you're making the payment. 4. Have your SSN, notice number, and exact balance amount ready before starting. I used Pay1040 and it worked perfectly. The fee was about $15 on a $800 payment. The key thing is making sure all your identifying information matches exactly what's on the CP14 notice so the payment gets applied correctly. One more tip - set up an online IRS account if you don't have one already. Even though their payment system was down when you tried, you can usually track when your payment gets processed and see your balance update in real time once it goes through.

Honestly just use the actual expenses method your first year instead of standard mileage. You can switch to standard mileage in later years if it makes sense, but you can't go from actual expenses to standard mileage later. With actual expenses, everything is clearly deductible for the business % - gas, maintenance, insurance, interest, depreciation, registration, etc. No confusion about what's included.

As a CPA who specializes in real estate professionals, I want to clarify the correct answer to your original question: YES, as a self-employed realtor, you CAN deduct both the standard mileage rate AND the business portion of your car loan interest. This is specifically allowed under IRC Section 162 for self-employed individuals. The standard mileage rate covers operating expenses, but loan interest is considered a separate financing cost. So with your 70% business use, you'd deduct 70% of your annual loan interest payments as a business expense on Schedule C, in addition to your mileage deduction. Just make sure to keep excellent records - your loan statements showing interest paid, and detailed mileage logs. The IRS scrutinizes vehicle deductions heavily for realtors, so documentation is key. One strategic tip: if you're financing, consider timing your purchase so you have a full year of interest payments to deduct. Also, since you're new to real estate, your first year income might be lower, so maximizing deductions now could be especially valuable.

Make sure you keep ALL documentation related to your settlement! My friend had a similar discrimination case, and the IRS questioned her attorney fee deduction because she couldn't provide enough supporting documentation showing that the lawsuit was specifically for workplace discrimination. Save your settlement agreement, any court filings that describe the nature of your claim, communications with your attorney about the case, and especially the fee agreement showing the contingency percentage. The IRS can request all of this if they decide to review your return.

One thing I haven't seen mentioned yet is the timing of when you actually receive the settlement money versus when it's taxable. Since you mentioned they'll issue a 1099, that suggests you'll likely receive the funds this year (2025), which means it would be taxable income for 2025. However, if any portion of your settlement is for back wages or lost income from previous years, you might be able to use income averaging rules to spread the tax burden across multiple years. This is especially helpful if the settlement pushes you into a much higher tax bracket than you'd normally be in. Also, don't forget about estimated tax payments! If this settlement significantly increases your 2025 income compared to 2024, you might need to make quarterly estimated payments to avoid underpayment penalties. The IRS generally wants you to pay as you go, not wait until April to pay a large tax bill. I'd definitely recommend running some tax projections with the settlement included to see how it affects your overall tax situation for the year. You might want to adjust your withholdings at work or make estimated payments to avoid any surprises.

I'm really sorry for your loss and the additional stress this is causing your family during such a difficult time. This situation is unfortunately more common than it should be, and you're absolutely right to question what Nationwide is telling you. As a surviving spouse, your mother-in-law has special rights under federal tax law that supersede the specific contract provisions. Even though the survivor option wasn't selected in the original paperwork (which sounds like an error by the financial advisor), she can still do a tax-free spousal rollover under IRC Section 402(c)(9). The W-4R form requirement doesn't necessarily mean it's a taxable event - insurance companies often require this form even for non-taxable transfers as part of their standard process. The key is making sure they process it as a "direct trustee-to-trustee transfer" rather than a distribution to her first. I'd recommend having her call Nationwide and specifically ask to speak with their "qualified plan specialist" or "tax department" rather than general customer service. Use the exact phrase "spousal continuation" or "direct rollover under IRC Section 402(c)(9)" - this should get you to someone who understands the tax implications properly. If they continue to insist it's taxable, ask them to provide the specific tax code or regulation they're relying on, because the law is very clear that surviving spouses have these rollover rights regardless of contract language.

I'm so sorry for your family's loss, and it's frustrating that you're dealing with this confusion during an already difficult time. The good news is that as a surviving spouse, your mother-in-law absolutely has the right to transfer this qualified annuity without triggering taxes, regardless of whether the survivor option was originally selected. The key is ensuring this gets processed as a direct rollover under IRC Section 402(c)(9), which gives surviving spouses special transfer rights. When she contacts Nationwide, she should specifically request to speak with their "retirement services" or "qualified plan specialist" department - not general customer service. Use these exact phrases: "direct trustee-to-trustee transfer" and "spousal rollover under IRC Section 402(c)(9)." The W-4R form is often just a procedural requirement and doesn't necessarily indicate a taxable event if processed correctly. Make sure she emphasizes that she wants NO tax withholding and that this should be a direct transfer to Lincoln Financial. If Nationwide continues to resist, ask them to cite the specific regulation that would make this taxable for a surviving spouse - they won't be able to, because the law is clear on spousal rollover rights. You might also consider having her mention that she's prepared to file a complaint with the state insurance commissioner if they don't process this correctly. Also document that financial advisor error about the survivor option - that could be grounds for compensation if this situation ends up costing additional fees or complications.