Has anyone dealt with the currency conversion nightmare on this? My mom inherited property in Japan, and the exchange rate fluctuated like crazy between when she inherited it and when she sold it. I'm not sure which exchange rates to use where on the tax forms.

I just went through something very similar with my father's estate in Italy last year. A few additional things to keep in mind that haven't been mentioned yet: 1. **Documentation is crucial** - Make sure you keep all the foreign estate documents, appraisals, and sale records. The IRS may want to see proof of the stepped-up basis calculation, especially for foreign property. 2. **State taxes** - Don't forget to check your state's requirements too. Some states have different rules for inherited foreign property than the federal government. 3. **Timeline for reporting** - Since your wife sold in 2024, you have until the 2024 tax filing deadline to report this properly. But if you paid estimated taxes during 2024, you might want to adjust your Q4 payment if this creates a significant tax liability. 4. **Professional help** - Given the complexity with foreign property, inherited basis calculations, and potential treaty issues, this might be worth consulting with a tax professional who specializes in international tax matters. The cost of professional advice is usually much less than the penalties for getting it wrong. The $135,000 sale amount plus the $85,000 cash inheritance puts you in territory where accuracy is really important. Better to be safe than sorry with the IRS on international transactions.

I've seen a lot of posts about this issue with Credit Karma/TT refunds. Have you tried calling Credit Karma's customer service directly instead of relying on the app? I remember from last year that sometimes they can see pending deposits in their system before they show up in your account. Also, does your Credit Karma account have any history of holds on tax refunds from previous years?

This happened to me too! SBTPG showed funded on Tuesday, TT app was still pending, but the money actually showed up in my Credit Karma account Wednesday morning around 6 AM - a full day before my official DDD. The TT app didn't update to "completed" until Thursday afternoon, which was honestly ridiculous. Since you were funded on April 4th and your DDD is tomorrow, I'd bet money you'll wake up to the deposit in your account tomorrow morning. The apps are just terrible at syncing with the actual money movement. Check your CK account first thing when you wake up rather than stressing about what the TT app says. Good luck with your gig equipment purchases!

To all those having trouble reaching a human at IRS. I just ran across this video that gave me a shortcut to reach a human. Hope it helps! https://youtu.be/_kiP6q8DX5c

Hey Phillip! I've been seeing this same message for about 10 days now. From what I've gathered talking to others and doing some research, this is basically the IRS's standard "we got your return and we're working on it" message. It doesn't necessarily mean there's a problem - they just haven't finished processing it yet. The 21 day timeframe is more of a guideline than a guarantee, especially during busy filing season. If it's been longer than 21 days from when they received it, that's when you might want to call them directly. In the meantime, just keep checking WMR every few days for updates. Hope this helps ease some worry!

One thing nobody's mentioned - if you haven't filed your 2023 taxes yet, you might want to request an extension to give yourself time to make sure everything is reported correctly. The 1031 reporting on Form 8824 can be pretty complicated when you have boot involved.

I'd strongly recommend getting a second opinion from a tax professional who specializes in 1031 exchanges before filing. While everyone here is correct that the boot is generally taxable in the year of sale, there can be some nuances depending on exactly how your exchange was structured. For example, if there were any complications with the original sale (like delayed closings or escrow issues) or if your QI agreement had specific language about when funds are considered "received," it might affect the timing. I've seen cases where the technical details of the exchange documents made a difference in how the IRS viewed the transaction. Given the significant tax bracket difference you mentioned between 2023 and 2024, it's worth investing in professional advice to make sure you're not missing any legitimate planning opportunities. A qualified tax attorney or CPA with 1031 experience should be able to review your specific documentation and confirm the proper reporting year.

One thing nobody mentioned - you should DEFINITELY get something in writing from the IRS stating that your balance is $0 and the CP-2000 issue is resolved. Even if your online account shows zero, having documentation is crucial for protecting yourself if this ever comes up again. You can request a tax account transcript through the IRS website or ask the IRS representative to send you a formal letter confirming the $0 balance. I learned this the hard way when an issue I thought was resolved popped up again three years later, and I had nothing to prove I'd already taken care of it.

As someone who used to work for a tax resolution firm, I'd add one more thing - check if you received a closing letter for the CP-2000 (often a letter number 2030C). If not, you should absolutely call to verify the status. Sometimes the IRS makes adjustments based on information they receive from third parties without properly notifying you. Even if your account shows $0 now, if the issue isn't formally closed in their system, it could potentially come back later. The IRS operates on extremely slow timelines, and sometimes notices cross in the mail. Better to be 100% sure than to have this resurface years later with interest and penalties attached.