One important thing nobody's mentioned yet - your investment interest deduction is limited to your net investment income for the year. If you don't have much investment income (interest, dividends, capital gains, etc.), you might not be able to use the full interest deduction this year. The good news is that any excess investment interest expense can be carried forward indefinitely to future tax years. So document everything carefully, and you can use those deductions in future years when you hopefully have income from the property or other investments.

I think you might be overthinking this given that it's raw land sitting in an LLC with no income. I went through this exact scenario. The simplest approach for now: file a partnership return (Form 1065) for the LLC showing the interest paid as an expense. This will generate K-1s showing your 50% of the expenses. You can then report this on your Schedule E, and it will offset any future income from the property. If you're up against the deadline today, file for another extension for the LLC return (Form 7004) which would give you until next March for the partnership return. Your personal extension can't be extended further, but at least you can file your personal return now without the K-1 info (since it shows no income and wouldn't change your tax) and amend later if needed.

Don't forget podcasts as a supplement to books! "Planet Money" by NPR has several excellent episodes on taxation that might help spark your interest before diving into heavier books. Their episodes "Tax Hero" and "Paying for the Crime" are particularly good introductions to tax concepts. There's also the "Taxology" podcast which is surprisingly entertaining despite focusing exclusively on tax history and policy. I've found listening to these while commuting helps build background knowledge that makes the books easier to understand.

As someone who also struggled with the dry nature of tax topics, I found that starting with "The Power to Destroy: How the Antitax Movement Hijacked America" by Michael Graetz really opened my eyes to how taxation connects to broader American political culture. It reads more like political history than a tax book, but gave me the conceptual framework that made everything else click. Another approach that worked for me was reading "The Hidden Wealth of Nations" by Gabriel Zucman alongside some of the books mentioned here. It's about tax avoidance and offshore banking, but understanding how the wealthy navigate (or circumvent) the tax system actually helped me better appreciate why certain rules exist for regular taxpayers like us. One thing I'd suggest is not trying to tackle too many dense books at once. I made that mistake initially and got overwhelmed. Pick one that sounds most interesting based on the recommendations here, read it thoroughly, then move to the next. The context from each book builds on the others in ways that aren't obvious at first.

When you file the amended return with Form 8936, be prepared to wait much longer than usual for your refund. I amended for the EV credit back in February and still waiting. The IRS website still shows "received" as the status. 😤

I'm in a very similar situation! Just realized I forgot to claim the EV credit for my Model Y purchased in August 2023. Reading through all these responses has been super helpful - sounds like I definitely need to file Form 1040-X with Form 8936. Quick question for everyone who's been through this process: How long did it actually take from mailing your amended return to getting the refund? I'm seeing conflicting timeframes here - some saying 16 weeks, others still waiting since February. Also, did anyone try e-filing the amendment or is mail the only option for this situation? Thanks for all the detailed info, especially about checking VIN eligibility and the various tools mentioned. This community is awesome!

Something nobody has mentioned yet - if your income is below certain thresholds, you might qualify for QBI even without meeting the safe harbor! For 2025 filing, the phase-out begins at $182,100 for single filers or $364,200 for married filing jointly. Below those thresholds, the IRS tends to be less stringent about the exact nature of the "trade or business" requirement for rental properties. My CPA advised that with good documentation and business-like treatment of the property (separate accounts, proper record-keeping), a single rental property has a strong case for QBI qualification if you're under those income limits.

Based on your situation, you have a decent chance of qualifying for the QBI deduction, especially since your rental income appears to be well below the income thresholds mentioned by Giovanni. Here are a few key points for your specific case: 1. **Documentation is crucial**: Start requesting detailed activity logs from your property management company. Even if they don't currently track hours, most can provide estimates for time spent on tenant placement, maintenance coordination, inspections, etc. 2. **Business treatment matters**: Since you're using a professional management company and treating this as a business operation, you're already on the right track. Make sure you have separate bank accounts and maintain good records. 3. **Don't overlook your own time**: While the management company handles day-to-day operations, any time you spend reviewing their reports, making decisions about repairs, researching the rental market, or meeting with your accountant about the property can count toward qualifying activities. 4. **Consider the facts and circumstances test**: Even if you can't document 250 hours, your situation (professional management, business bank accounts, profit motive) suggests you're operating a trade or business rather than just holding an investment property. Given that you're earning $2,350/month in rent, the QBI deduction could save you several hundred to over a thousand dollars depending on your tax bracket. Definitely worth pursuing with proper documentation!

I'm dealing with the exact same situation right now! Filed through TurboTax about 2 weeks ago, WMR tool shows it was deposited Tuesday but my Chase account is still empty. Called my bank and they confirmed nothing was received on their end. It's so frustrating when the IRS system says one thing but reality is completely different. I'm going to wait until early next week like others suggested before calling the IRS directly. Really hoping it just shows up randomly like some people mentioned. Keep us updated on what happens with yours!

This is such a common issue during tax season! I went through the exact same thing last year with TaxSlayer. The "Where's My Refund" tool said my deposit was sent on a Wednesday, but it didn't actually hit my account until the following Tuesday - 6 days later. I called my bank multiple times and they kept saying they hadn't received anything, which made me panic. Turns out the IRS marks refunds as "sent" when they're just approved for processing, not when they're actually transmitted to your bank. The ACH system can take several more business days after that. Since you're only at Thursday and it showed as deposited Monday, I'd definitely give it until early next week before getting too worried. The timing sounds totally normal based on my experience. Hang in there!