This is exactly what happened to me last month! I had some dividend income that apparently triggered the verification hold. The status change you're describing - from "still being processed" with the verification notice to just "being processed" without it - is definitely a positive sign. In my case, I got the "approved" status 4 days later and the refund was deposited 2 days after that. The removal of that verification message is key - the IRS system doesn't drop that notice unless they've actually completed whatever identity verification they needed to do. Since you mentioned investment income, that's almost certainly what triggered the extra review, but it sounds like you're through the worst of it now. Keep checking WMR daily and you should see movement soon!

This is really great news! I went through almost the exact same thing earlier this year when I had some stock sales to report for the first time. That status change from "still being processed" with the verification notice to just "being processed" without it is definitely the signal you want to see. The IRS verification system is pretty thorough - they don't remove that verification prompt unless they've actually completed their identity confirmation process. Investment income, especially if it's new for you, almost always triggers some additional review, but it sounds like you've cleared that hurdle. In my experience, once you see that status change, you're typically looking at about 5-10 business days before you see the "approved" status, and then another 1-3 days after that for the actual deposit. The fact that the verification notice completely disappeared is the key indicator here - that doesn't happen unless they're satisfied with whatever checks they needed to run. Keep monitoring WMR daily, but you should be in good shape now. The hardest part (the verification hold) appears to be behind you!

Great advice from everyone here! I went through this exact situation when I first got my real estate license. Just to add a few practical tips based on my experience: 1. Create a dedicated folder (physical or digital) for ALL settlement statements - these are your proof of income even without 1099s 2. Set up quarterly estimated tax payments right away since no taxes are being withheld - this saved me from a big penalty at year-end 3. Consider opening a separate business bank account for your real estate activities to keep everything organized One thing I wish I'd known earlier - even though the amounts seem small now ($8,500), the self-employment tax (15.3%) adds up quickly. On top of regular income tax, you'll owe about $1,300 just in SE tax on that amount. Also, since you're flipping properties AND she's earning commissions, make sure you're clear on which income is which. Commission income goes on Schedule C, but income from property flips might be reported differently depending on whether it's considered dealer vs investor activity. The IRS looks at frequency and intent when making this determination. Keep detailed records from day one - it'll save you headaches later as your business grows!

For setting aside taxes on commission income, I typically recommend saving 25-30% of each commission check. This covers federal income tax, state tax (if applicable), and the 15.3% self-employment tax. It's better to save too much than get caught short! For quarterly payments, you'll want to calculate based on your total expected income for the year (both regular W-2 income and self-employment). The IRS wants you to pay either 90% of this year's tax liability or 100% of last year's (110% if your prior year AGI was over $150k). One more tip - since you're both flipping properties AND your wife is earning commissions, consider whether it makes sense to elect to treat the real estate commissions as part of your existing property business rather than a separate Schedule C. Sometimes consolidating can simplify things, but you'd want to run this by a tax pro since it depends on your specific situation. Also, don't forget about the QBI deduction (Section 199A) - as self-employed individuals, you might be able to deduct up to 20% of your qualified business income, which can provide significant tax savings!

Another option nobody mentioned is setting up EFTPS (Electronic Federal Tax Payment System). It's clunky and takes like 2 weeks to get set up bc they mail you a PIN, but once it's active you can schedule all your quarterly payments in advance. The verification for that was easier for me as a first-timer than the regular IRS payment site.

I went through this exact same frustration when I started my consulting business! The verification loop is so annoying when you're trying to be responsible about quarterly payments. What worked for me was using my AGI and filing status from my most recent W-2 return (2023) for the verification step. The system doesn't actually care that it wasn't self-employment income - it just needs to verify you're really you using ANY previous tax filing. If you're still stuck, try the EFTPS system that Miguel mentioned. The verification process there was slightly different and I found it easier to navigate as a first-timer. Yes, you have to wait for the PIN in the mail which is annoying, but once it's set up you can schedule all your quarterly payments for the year in one sitting. Don't let this discourage you from staying on top of your quarterlies - you're already ahead of so many freelancers by thinking about this early!

Has anyone here actually used Form 4684 for rental property casualty losses? I'm seeing conflicting info online about whether to use that form first before transferring info to Form 4797.

I went through this exact situation with my rental property two years ago after a tree fell on it during a storm. The depreciation recapture creating a "gain" when you're actually out money is incredibly frustrating, but it's unfortunately how the tax code works. One thing that helped me was working with my insurance adjuster to get a very detailed breakdown of exactly what was damaged. Instead of treating a large portion of the property as "disposed of," we were able to isolate it to just the specific roof sections and one room that were actually destroyed. This reduced the amount subject to recapture. Also, don't forget that your $2,500 deductible is still deductible as a casualty loss - it doesn't get offset by the recapture. Make sure you're claiming that separately. The whole system feels backwards, but remember that you did benefit from those depreciation deductions over the 8 years you owned the property. The recapture is essentially the IRS saying "we gave you tax breaks for depreciation, now we want some back since you got reimbursed for the depreciated property.

I'm currently waiting on my amended return too - filed about 10 weeks ago after discovering I missed some home office deductions. The uncertainty is really challenging when you're trying to run a business! What's helped me is creating a spreadsheet tracking all the timelines people have shared in forums like this. From what I've collected, business-related amendments seem to cluster around the 18-22 week range, probably because they require more scrutiny. I ended up having to pivot my inventory strategy and negotiate 60-day payment terms with my suppliers instead of relying on the refund upfront. It's frustrating, but at least it keeps the business moving while we wait for the IRS machinery to churn through our paperwork. One thing I wish I'd known earlier - apparently calling the Taxpayer Advocate Service can sometimes help if you're facing financial hardship due to the delay, though I haven't tried that route myself yet.

I'm in a very similar boat - filed my amended return about 7 weeks ago for some business expense corrections I discovered while preparing this year's taxes. The waiting is definitely anxiety-inducing when you're trying to make business decisions! Based on all the experiences shared here, I'm now planning for the 20+ week timeline that several people mentioned. What's really helped me is reaching out to my accountant to double-check that I included all the necessary supporting documentation with my amendment. She mentioned that incomplete documentation is one of the biggest causes of delays, especially with business deduction corrections. I also started looking into a small business line of credit as a backup plan for my equipment needs - the interest cost is worth the peace of mind of not being dependent on IRS timing. It's frustrating that amended returns take so much longer than regular ones, but at least this thread has given me much more realistic expectations. Thanks everyone for sharing your experiences and timelines!