In the same boat rn waiting on mine. Day 6 and still nothing showing up in wmr

next year im just gonna use my credit card and get the points anyway lol

Anyone use TurboTax for reporting rental property renovations? I'm doing a similar project and wonder if it handles all these complicated depreciation schedules and passive loss limitations correctly?

Based on my experience with similar rental property renovations, you'll want to be very careful about how you classify these expenses. The IRS is pretty strict about the repair vs. improvement distinction, and a $65,000 "complete renovation" will likely be treated as capital improvements requiring depreciation over 27.5 years rather than immediate deductions. However, you might be able to break out some components as repairs if they're truly fixing existing problems rather than upgrading. For example, if you're replacing broken tiles with identical ones, that's a repair. But if you're upgrading from basic tile to granite countertops, that's an improvement. The good news is that with the $25,000 passive loss allowance (assuming your income qualifies), you can still deduct a significant portion against your regular income even if you have depreciated losses. Any unused losses carry forward indefinitely, so you're not losing the tax benefit entirely - just spreading it out over time. I'd strongly recommend getting professional help for this level of renovation expense. The classification decisions you make now will impact your taxes for decades, and getting it wrong could be costly if you're audited.

Has anyone used TurboTax for reporting these recharacterizations with code N? I'm seeing a different question than what the original poster mentioned in TaxSlayer, and I'm not sure if I'm entering everything correctly.

Just wanted to add another perspective here - I went through this exact same scenario last year and can confirm that answering "yes" to the rollover question for code N is correct. The key thing to understand is that tax software is really asking whether the money stayed within the retirement account system rather than being distributed to you personally. One thing I'd recommend is keeping really good records of all these transactions. I created a simple spreadsheet tracking: (1) original Roth contribution amount and date, (2) account value at recharacterization date, (3) recharacterization amount and date, and (4) conversion back to Roth amount and date. This made it much easier to fill out Form 8606 correctly and will be helpful if you ever get audited. Also, double-check that your IRA custodian reported everything correctly on the 1099-R forms. I caught an error where they initially coded my recharacterization as a regular distribution instead of code N, which would have caused major tax issues if I hadn't noticed and gotten it corrected.

Last year after verification my return was processed in exactly 5 weeks. 2022 took like 10 weeks. Its totally random and depends on their workload. If you claimed credits like EITC or CTC it definitely takes longer cuz they have extra verification steps.

I feel your pain! I went through the exact same thing earlier this year. After entering my ID.me verification code, it took about 6 weeks before I actually got my refund. The verification step is just the beginning - your return still has to go through their regular processing pipeline after that. Since you claimed the Child Tax Credit (saw your other comments), that's definitely adding time. The IRS is doing extra reviews on all CTC claims this year. My advice is to check your tax transcript like others mentioned - it'll show you the actual processing codes and give you a better idea of where things stand than the "Where's My Refund" tool. At 3 weeks you're still within the realm of normal, unfortunately. I know it's frustrating when you're counting on that money, but hang in there!

Has anyone used those property tax consulting companies that promise to get your assessment lowered? My neighbor said they charge like 30-40% of whatever they save you in the first year. Seems steep but might be worth it with such a big increase??

I went through this exact same situation two years ago - my assessment jumped from $185k to $278k seemingly overnight! I was absolutely terrified about what it would mean for my taxes. Here's what I learned: First, don't panic. While your assessment went up 50%, your taxes likely won't increase by that much. Most municipalities are required to adjust their mill rates when they do widespread reassessments to prevent massive tax increases for everyone. Second, definitely appeal if you think the assessment is too high. I gathered comparable sales data from my neighborhood and found several homes that sold for significantly less than what they assessed mine at. The appeal process took about 3 months, but they reduced my assessment by $31k. Also check what exemptions you might qualify for. I discovered I was eligible for a homestead exemption that I had never applied for, which saved me an additional $200 per year. The key is to act quickly - most places have strict deadlines for appeals (usually 30-60 days from when you receive the notice). Don't just accept the new assessment without doing your homework first!