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Has anyone used one of those online home value estimators instead of paying for a formal appraisal? I'm wondering if the IRS would accept Zillow or Redfin estimates as proof of FMV for establishing stepped-up basis?
I'm so sorry for your loss, Nathan. Dealing with estate matters while grieving is incredibly difficult. Getting a professional appraisal is definitely the smart approach here - the IRS generally expects formal documentation for establishing fair market value, especially for real estate. One thing to keep in mind is that the appraisal should ideally be done as close to the date of death as possible to accurately reflect the FMV at that time. Since it's been a few weeks since your father passed, you'll want to make sure the appraiser understands they need to value the property as of the March date of death, not current conditions. The step-up basis will likely save you significant money on capital gains taxes. Just make sure to keep all documentation - the appraisal report, probate court documents, death certificate, and any records showing the property transfer. You'll need these when you eventually sell to prove your stepped-up cost basis to the IRS. Consider consulting with a tax professional who specializes in estate matters, especially given that there's no will involved. They can help ensure you're handling everything correctly during the probate process.
Code 570 with EIC is super common - they basically have to verify your income and dependents before releasing that $3,733 earned income credit. Since your return processed March 20th, you're probably looking at getting your refund around mid-April, maybe a week or two after the 15th. The good news is your transcript shows no red flags - just the standard review process. Hang tight! šŖ
This is super helpful! I was wondering about the timing - so even though all my credits show an April 15th date on the transcript, I should still expect to wait a bit longer for the actual refund to hit my account?
facts. taking forever to process anything š¤¦āāļø
Looking at your transcript, the 570/971 combo is pretty standard when the IRS needs to verify credits - especially with that large refund amount. The good news is your account shows no penalties or interest accruing, which means they're not questioning the legitimacy of your return, just doing their due diligence. Based on the timing (971 notice issued May 2nd), you should receive that letter within 7-10 business days explaining exactly what they need. Once you provide any requested documentation or they complete their internal review, the 570 hold gets released and your refund processes. With credits like EIC and CTC, these reviews are routine but can take 6-12 weeks total. Keep checking your transcript weekly for updates - you'll see the 570 disappear first, then hopefully a 846 code with your direct deposit date. Hang in there! š¤
Mine went from zeros to actual numbers then back to zeros again... The IRS is straight trolling us at this point š¤
bruh same. this tax season is wild
Looking at your transcript, the code 570 "Additional account action pending" typically means the IRS needs to do additional review or verification before releasing your refund. It's not necessarily a problem - could be routine verification of your EIC claim since you're getting $4,095. The negative account balance (-42) does mean you have a credit/refund coming. The processing just happened on 12/9, so you're still early in the process. Code 570 usually gets resolved within 2-4 weeks, then you'd see a code 571 when it's released. Keep checking your transcript for updates!
This is super helpful! So the 570 code isn't necessarily bad news? I was freaking out thinking something was wrong with my return. The 2-4 week timeline actually makes sense since it just processed. Thanks for breaking down what the negative balance means too - I wasn't sure if that was good or bad! š
Amara Chukwu
Let me provide some clarity on what's happening: ⢠The IRS implemented enhanced verification measures for 2024 filing season ⢠Using an IP PIN validates your identity at submission but doesn't exempt you from secondary reviews ⢠When online verification isn't available after receiving a letter, it indicates your case requires phone verification ⢠This isn't a system malfunction but an intentional security feature ⢠The process typically adds 3-5 weeks to refund processing The best course of action is to call the specific number on your verification letter during non-peak hours (typically before 9am or after 4pm local time). Have your letter, tax return information, and previous year's AGI ready when you call.
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Yara Khoury
I went through this exact situation last year and can share what worked for me. When the online verification option disappeared after I received my letter, I was initially frustrated like many others here. However, I found that calling the IRS early in the morning (around 7:30 AM) significantly reduced my wait time - I got through in about 25 minutes instead of the usual hours-long wait. The representative explained that even with an IP PIN, certain algorithmic triggers can still flag returns for additional verification. It's not a glitch, but rather multiple security layers working independently. She was able to complete my verification over the phone in about 10 minutes by asking me questions about my previous tax returns and current filing. My advice: Don't wait for another letter. Call the number on your verification notice early in the morning, have your Social Security card, driver's license, and last year's tax return handy. The phone verification is actually faster than waiting for the mail process to complete. Given that you're on a fixed income, getting this resolved quickly will get your refund processed sooner.
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