Don't forget streaming subscriptions if you're reviewing content! I deduct my Netflix, Disney+, etc. since I make review videos. Also, if you're filming at home, you might qualify for the home office deduction for the space used exclusively for your YouTube activities. My tax guy says documenting everything is key - take photos of your workspace and keep a log of what equipment is used for which videos.

Quick tip for new content creators: Start tracking everything NOW even if you think you won't make money for a while. I missed out on thousands in deductions my first year because I didn't save receipts for my early equipment purchases. The IRS allows deductions for startup costs even before you make your first dollar!

Make sure you've considered your basis allocations too! I made a huge mistake in a similar transaction. Had bought my property+business for $350k years ago, but never properly allocated the purchase price between land, building, and business assets. When I sold, my accountant had to reconstruct everything to figure out my adjusted basis in each component. Ended up paying way more tax than necessary because I couldn't properly document some improvements I'd made to the building. So beyond just the allocation of the sale price, make sure you've got your cost basis properly allocated too!

One thing that hasn't been mentioned yet - if you're doing a 1031 exchange on the real estate portion, make sure you understand the "net equity" rule. You need to purchase replacement property of equal or greater value AND put the same amount or more of equity into the new property to defer all the capital gains. So if you're allocating $800k to real estate and you had, say, a $300k mortgage that was paid off at closing, you'd need to put at least $500k equity into your replacement property. A lot of people get tripped up thinking they just need to buy something worth $800k, but if they finance more of the new purchase, they could end up with taxable "boot." Also, since you mentioned the booming real estate market in your area - remember you have to identify your replacement property within 45 days of closing, and that clock doesn't stop ticking. In hot markets, properties can go under contract quickly. Consider identifying multiple properties in case your first choice falls through.

Check your transcript online if you can. Sometimes these letters go out automatically even when your return is actually in the system but just stuck somewhere in processing.

Had the exact same thing happen to me last year! Turns out there was a glitch in their system that delayed processing e-filed returns. Even though I had confirmation, it took them 3 extra weeks to actually process it. The non-filing letter was automatically generated before they caught up. I'd definitely call the practitioner priority line if you can get through - they were way more helpful than the regular customer service line.

Has anyone had the UK tax authorities reach out about EIS investments when you're not a UK tax resident? I invested in several companies through Crowdcube with EIS certificates but since I don't pay UK taxes (I'm a US citizen in France), I didn't claim any UK tax benefits. Still got emails about my EIS certificates though.

I'm dealing with a similar situation as a US citizen living in Italy who invested through both Crowdcube and Seedrs last year. One thing I learned the hard way is that you need to keep detailed records of each investment's structure and the underlying business activities, not just the total amounts invested. For reporting purposes, I created a spreadsheet tracking each company I invested in, their primary business activity, revenue sources, and investment structure. This helped me determine which ones might have PFIC issues (spoiler: most didn't, but one property development company was borderline). Also, don't forget that if any of these investments pay dividends or if you sell shares, you'll need to report that income on your US taxes. The UK won't withhold taxes for non-residents in most cases, but you still owe US taxes on the income. Keep good records of any foreign taxes paid too in case you can claim foreign tax credits. The EIS certificates are basically irrelevant for us as US taxpayers - we can't use the UK tax benefits, but the certificates do provide useful documentation about the nature of the investment for US reporting purposes.

Yall worried about cycle codes while the IRS is playing games with our money 😤

Been dealing with the same thing - cycle 05 since late January. From what I've researched, PATH Act returns are held until mid-February at minimum, regardless of when you file. The cycle 05 just means weekly processing, but they still won't release refunds with EITC/ACTC until after February 15th. So even if your return processes, you're still waiting on that date. Super frustrating but seems to be normal this year.