One thing I haven't seen mentioned - If your wife already owned her house before marriage and you owned your condo before marriage, be careful about how you're filing. In some states, property owned before marriage remains separate property, which can affect how the rental income and expenses should be reported. If the condo is still in your name only, and not jointly with your wife, you might need to file Schedule E under just your name, not jointly. The LLC complicates things further. You should really consult with a CPA who specializes in real estate, not just a general tax preparer.

Your tax preparer is being overly cautious. You absolutely can and should claim legitimate rental property expenses on Schedule E even without rental income yet. The IRS allows deductions for properties that are "placed in service" - meaning ready and available for rent - regardless of whether you've found tenants. The fact that you're actively showing the property and being selective about tenants actually strengthens your position. This demonstrates genuine business intent, not a hobby activity. Keep detailed records of your marketing efforts, showings, and communications with potential renters. A few key points for your situation: - Document everything: receipts, photos of work done, rental listings, showing appointments - The LLC formation date doesn't determine "placed in service" - it's when you first made the property available for rent - Start keeping a mileage log NOW for any rental-related trips with the truck - Consider finding a tax professional who specializes in rental properties if your current preparer won't file Schedule E The IRS has consistently ruled in favor of taxpayers who can demonstrate legitimate business purpose and proper documentation. Your expenses are real business costs that should be deductible. Don't let fear of an audit prevent you from claiming legitimate deductions you're entitled to take.

This is definitely a good sign! I went through the exact same thing about 3 weeks ago. The all-zeros transcript means your return is officially in the IRS system and being processed - it's like getting a "we received your package" notification when you ship something. From my experience and what I've seen others report, you're probably looking at about a week before you see the actual codes and numbers populate. When it does update, you'll likely see code 150 first (which means return filed), then hopefully code 846 (refund issued) shortly after. The Feb 2025 date is just a system placeholder - ignore it completely. I was worried about that too but it means nothing for your actual timeline. For planning your summer budget, I'd estimate you're probably 1-2 weeks out from having a concrete refund date, assuming no issues with your return. Keep checking daily - once it starts updating, it usually happens pretty quickly!

I'm going through this exact same situation right now! Filed in mid-February and just got access to my 2024 transcript yesterday - all zeros just like yours. It's actually really comforting to see so many people confirming this is normal and a good sign. I was starting to worry something was wrong since it took so long for the transcript to even show up. The hardest part is the waiting when you're trying to plan ahead financially. I'm in a similar boat - trying to figure out some home repairs and whether I should wait for the refund or just go ahead and put it on credit. Sounds like we're both probably looking at another week or so based on everyone's experiences here. Thanks for posting this question! Sometimes it feels like you're the only one dealing with these IRS mysteries, but clearly we're all in the same confusing boat together. I'll definitely be checking my transcript daily now that I know what to look for. Fingers crossed we both see those real numbers soon! 🤞

Is anyone else confused about whether closing costs affect the calculation? I sold my house and paid like $25k in realtor fees, title insurance, etc. Can I subtract those from my sale price before figuring out my gain?

Great question about the home improvements! I went through something similar when I sold my primary residence. You absolutely want to add those improvement costs to your basis - they can significantly reduce your capital gain. For the improvements you mentioned (roof and kitchen renovation totaling $42,000), those definitely qualify as capital improvements that increase your basis. Even if you don't have every single receipt, the IRS allows reasonable estimates for legitimate improvements. I'd suggest gathering whatever documentation you do have and making conservative estimates for anything missing. With your numbers: $425K sale price minus selling costs, minus your original $298K purchase price, minus $42K in improvements - you're likely looking at a gain well under the $250K exclusion (or $500K if married filing jointly). One tip: don't forget to include any selling expenses (realtor commissions, title fees, etc.) as they reduce your taxable gain too. TurboTax should handle the forms correctly, but definitely confirm you're reporting it as your primary residence sale to trigger the exclusion properly.

Whatever you do, DON'T ignore the notice! I made that mistake a couple years ago thinking it was a scam, and ended up with additional penalties and eventually had to deal with collections. The 30-day response window is really important. Also if you've moved recently, make sure to file Form 8822 to update your address with the IRS. I learned this the hard way when notices were going to my old address and I never received them.

I went through this exact same panic when I got my first CP2000 notice! Here's what I learned: First, verify it's legitimate by checking that all your personal info is correct and comparing it against what you have on file with the IRS. Real CP2000 notices will have your correct SSN, name, and address. Next, gather all your 2023 tax documents - your filed return, all 1099s, W-2s, and any other income documents. The most common cause of CP2000 notices is that a business or bank reported income to the IRS that didn't make it onto your return, or it was reported differently than expected. Don't rush to pay! Take the full 30 days to review everything carefully. If you find you did make an error, you can often set up a payment plan. If you believe the IRS is wrong, you can dispute it with documentation. Either way, responding within 30 days is crucial to avoid additional penalties. Consider consulting a tax professional if the amount is significant or if you're unsure about how to respond. Many will do a consultation for a reasonable fee and can help you navigate the response process properly.

Hey GalaxyGlider! I went through almost the exact same thing last year - got that weird "TAX REFUND PROC for RFND DISB" description and was missing about $900 from my expected refund. That description is totally normal, so don't worry about it being fraudulent. The missing $1,150 is most likely due to an offset through the Treasury Offset Program. This happens when you have outstanding federal debts like defaulted student loans, unpaid child support, or even old tax debts you might have forgotten about. The frustrating part is they don't warn you beforehand - you just get less money than expected. Here's what helped me get answers immediately instead of waiting weeks for a letter: **Call 1-800-304-3107** (Treasury Offset Program) - They can tell you right away if any agency claimed part of your refund and which debt it went toward. This was a game-changer for me. **Check your IRS online account** at irs.gov/account - Look for any notices that might already be posted there before the paper letter arrives. **Get your tax transcript** - Request a "2023 Account Transcript" online. It shows all the transaction codes and will have a code 846 for what they sent you, plus any offset codes. In my case, it turned out to be an old student loan from years ago that had gone into default without me realizing it. I was even able to get a partial refund back by proving financial hardship. Don't panic - your money went somewhere legitimate, you just need to figure out where!

I've been dealing with IRS refund issues for years as a tax preparer, and this situation is unfortunately very common. The "TAX REFUND PROC for RFND DISB" description is completely legitimate - it's just how certain bank systems display Treasury-processed refunds. Your missing $1,150 is almost certainly due to an offset. The Treasury Offset Program automatically intercepts refunds to pay outstanding federal debts, and they're legally required to do this before you even receive the money. Common reasons include: - Defaulted federal student loans (even old ones you might have forgotten) - Past-due child support obligations - Unpaid federal taxes from previous years - Overpaid unemployment benefits or other federal program debts The quickest way to find out exactly what happened is to call the Bureau of Fiscal Service at 1-800-304-3107. They handle all federal offsets and can tell you immediately which agency claimed your money and the exact amount. This is much faster than waiting for the IRS notice, which can take 4-6 weeks. Also check your IRS online account at irs.gov/account - sometimes offset notices appear there before the paper letter arrives. Don't stress too much - your money went toward a legitimate debt, and in some cases you may be able to request a partial return if you qualify for hardship exemptions.