Something nobody has mentioned yet - if your K-1 is from an MLP (Master Limited Partnership), there are special considerations for reporting on TurboTax. MLPs typically have special deductions like depletion allowances that can be tricky to enter. I find it's actually easier to use the desktop version of TurboTax rather than the online version for K-1s from MLPs since it handles the more complex K-1 entries better. If your K-1 has entries in boxes 16-20, you might want to consider this option.

This is a really helpful thread! I'm in a similar boat with my first year of K-1 investments. One thing I wanted to add that helped me understand the difference - think of it this way: the K-1 reports what happened "inside" the company while you owned it (their income, expenses, etc. that flow through to you as a partner), while the 1099-B reports what happened when you sold your ownership stake. So even if you sold at a loss on the 1099-B, you might still owe taxes on the K-1 income that was generated while you held the investment. They're completely separate tax events that both need to be reported. I'm still waiting on two of my K-1s myself, so looks like I'll be filing for that extension. Thanks everyone for the advice about the timing - I had no idea K-1s came so late compared to other tax forms!

Has anyone considered the possibility that this might qualify as a section 179 expense? Since you're doing this for a business purpose (rental property) and it's under the threshold, you might be able to take the full deduction in year 1.

This is a tricky situation that I've seen come up with several HOA-managed rental properties. The key factor here isn't who owns the landscaping after installation, but rather the purpose and nature of the improvement you're making. Since you're adding new privacy landscaping that wasn't there before, this is almost certainly going to be treated as a capital improvement that needs to be depreciated. The IRS focuses on whether you're adding value to your rental property business, not the technical ownership transfer to the HOA. However, you should definitely explore whether this qualifies as a 15-year land improvement rather than 27.5-year residential property depreciation, as Mia mentioned. Landscaping improvements can often qualify for the shorter depreciation period. One thing to consider: document everything about the current state of the property. If there are any existing dead or dying plants that you're replacing, those portions might qualify as maintenance expenses rather than improvements. But the new privacy screening elements will likely need to be capitalized. I'd also suggest getting a second opinion from a tax professional who specializes in rental properties, especially given the unusual HOA ownership aspect of your situation.

I've been dealing with this exact situation for years with my international investments. One thing nobody mentioned yet: check if you qualify for the simplified foreign tax credit limit election, where you skip Form 1116 entirely. But with your numbers, you probably don't qualify since the $300 limit ($600 if married) is well below your foreign taxes paid. Also, watch out for which mutual funds you're investing in going forward. I switched to funds that have lower foreign tax exposure to avoid this headache.

This is a frustrating situation, but you're understanding it correctly. When your foreign capital losses exceed your foreign dividend income, it does significantly limit your ability to claim the Foreign Tax Credit for the current year. Here's what's happening: Form 1116 requires you to calculate your net foreign source income by category. In the passive income basket (which includes your dividends), your $15K capital loss more than wipes out your $10.5K dividend income, leaving you with negative foreign source income in that category. You can't claim a foreign tax credit against negative income. However, don't despair - those foreign taxes you legitimately paid aren't lost forever. You can carry them forward for up to 10 years to use when you have positive foreign source income again. Make sure to complete Form 1116 anyway to establish this carryforward, even though you won't get a current year benefit. Also keep in mind that your $15K foreign loss may create an "Overall Foreign Loss" account that could complicate future years' tax calculations when you do have positive foreign income again. For future years, you might want to consider tax-loss harvesting strategies that separate your foreign gains and losses, or look into funds with lower foreign tax drag if this becomes a recurring issue.

Have you considered what the 846 code actually means in this process? It's simply the IRS saying "we've approved your refund and scheduled it." The money doesn't instantly move at that moment. What typically happens is the Treasury sends these in batches to the ACH network, which then distributes to financial institutions. Cash App's advantage is they don't wait for final settlement before showing the money in your account. I filed on January 15th and had an 846 date of February 3rd. The money appeared in my Cash App on February 1st around 2pm. But would I make financial plans assuming this will happen? Probably not. Is an extra day or two worth risking an important investment decision? That's the real question you should be asking.

Based on my experience with Cash App over the past few years, they do tend to release tax refunds early - usually 1-2 days before the 846 date. However, since you're making a time-sensitive investment decision, I'd strongly recommend having a backup plan. The timing isn't 100% guaranteed, and the difference between getting your money on 2/24 versus 2/26 could impact your investment window. Have you considered reaching out to Cash App support directly to ask about their typical processing time for tax refunds? They might be able to give you a more definitive answer about when to expect the deposit. Also, just curious - what type of investment has such a tight deadline? Sometimes there are ways to structure deals with contingencies if funding timing is uncertain.

I went through this exact same situation last year! My bank rejected my refund due to a closed account I forgot to update. Here's what actually happened with my timeline: Week 1: Bank rejected the deposit (found out when I called them) Week 2: IRS processed the returned deposit (saw this on my transcript as code 841) Week 3: Check was issued and mailed (code 846 appeared with new date) Week 4: Check arrived in my mailbox So about 4 weeks total, which was actually faster than I expected. The key thing is to monitor your transcript rather than relying on Where's My Refund - that tool is pretty useless once there's an issue. You can access your transcript through the IRS website (you'll need to verify your identity with ID.me first). Don't stress too much - the money isn't lost, it's just delayed. The IRS automatically processes paper checks when direct deposits are rejected, so you don't need to call them unless it's been over 6 weeks. Hang in there!

This exact thing happened to me two years ago! My bank rejected the deposit because I had switched to a new account but forgot to update my direct deposit info with my tax preparer. The whole process took about 3.5 weeks from rejection to receiving the paper check. Here's what I learned: The IRS "Where's My Refund" tool is pretty much useless once there's a hiccup like this. It kept showing the old direct deposit status for almost 2 weeks after my bank had already rejected it. The most accurate way to track what's happening is through your tax transcript on the IRS website - you'll see specific codes that show when the deposit was returned and when they issue the replacement check. In the meantime, if you're really strapped for cash, you might want to look into whether any of your bill companies offer payment extensions or grace periods. Most utilities and credit card companies will work with you if you explain the situation. It's way better than paying late fees while you wait for the IRS to get their act together! The silver lining is that once you get through this, you'll definitely double-check your banking info next year. I know I do now! Hang in there - the money is coming, just slower than expected.