This thread has been incredibly helpful - I'm dealing with a similar situation where a partner's CPA is insisting I provide complete basis tracking going back 8 years for a partnership I only started handling 2 years ago. The previous accountant's records are incomplete at best. What I've found works is being very clear about the scope of what you can and cannot provide. I usually respond with something like: "I understand your need for historical basis information. However, partnership basis tracking is the partner's responsibility under tax law, not the partnership accountant's. I can provide you with all K-1s from the years I've prepared, but I don't have access to complete historical records that would be needed for accurate basis calculations from the partnership's inception." Then I offer what I can reasonably do: "I'm happy to help establish a going-forward basis tracking system if you can provide a starting basis calculation, or I can review any basis reconstruction you prepare for reasonableness." This shows you're being helpful while maintaining appropriate boundaries. The key is documenting everything in writing so there's no confusion later about what you agreed to provide versus what's outside your scope of responsibility.

I've been following this discussion and wanted to add my perspective as someone who's dealt with this exact scenario multiple times. You're absolutely right that partnership basis tracking is the partner's responsibility, not yours as the partnership accountant. What I've learned over the years is that some CPAs, especially those who primarily work with S-Corps, genuinely don't understand the difference in basis tracking responsibilities between entity types. The aggressive approach you're encountering often stems from their client pressuring them for information they don't have, and they're hoping you can bail them out. Here's what I typically do in these situations: I send a brief but firm email explaining that while I understand their predicament, partnership tax law places basis tracking responsibility on the individual partners. I offer to provide copies of any K-1s I have access to and suggest they work with their client to reconstruct basis using available documentation. The key phrase I use is: "I'm happy to collaborate on finding a solution within the appropriate scope of my responsibilities as the partnership's accountant." This shows you're professional and willing to help without accepting liability for work that isn't yours to do. Most reasonable practitioners back down once they understand the legal framework. If they continue to be demanding after a clear explanation, that tells you more about their character than their knowledge of tax law.

I'm new to this community but wanted to share my experience since I was in almost the exact same situation recently. My husband and I have been doing weekly transfers of around $1,200-1,800 for our household expenses, and I was getting really anxious about potential tax implications. After reading through all the helpful responses here, I decided to double-check with our family accountant just to be absolutely sure. She confirmed everything that's been said - transfers between spouses are completely exempt from taxation under Section 1041 of the tax code, regardless of the amounts involved. What really helped ease my mind was learning that the IRS views married couples as one economic unit. So transferring money between our accounts is literally no different than moving money between a checking and savings account - it's all considered the same household's money. For anyone else worried about this, the key takeaway I got is that these transfers are so routine and normal that they don't even register as something the IRS would be concerned with. We're just managing our shared finances in a way that works for our household, which is exactly what thousands of other married couples do. Thanks to everyone who shared their knowledge and experiences - this thread has been incredibly reassuring for newcomers like me who might be overthinking what turns out to be a very standard financial arrangement!

As a newcomer to this community, I found this entire discussion incredibly helpful! I was actually in a very similar situation where I've been sending my wife around $1,300 weekly through Zelle for our household budget, and I was getting worried about whether this could create tax issues. Reading through everyone's experiences and the detailed explanations about IRC Section 1041 and the unlimited marital deduction has been so reassuring. I particularly appreciated the tax professional's explanation about how married couples are treated as a single tax unit - it really helped me understand why these transfers aren't considered taxable events. What struck me most is how common this arrangement seems to be among married couples. I thought we might be doing something unusual, but it's clear that many families organize their finances this way without any problems. I'm definitely going to start keeping simple notes with my transfers like some of you suggested, just for good record-keeping practices. Even though it's not required, it seems like a smart way to stay organized. Thank you to everyone who shared their knowledge and experiences - this thread has given me complete peace of mind about our financial arrangement. It's exactly the kind of practical, real-world advice that newcomers like me need when navigating these kinds of concerns!

Great question! I went through this exact same situation last year. You're absolutely allowed to use two different EFINs in the same tax year - it's actually pretty common for tax professionals who work for firms but also do some independent preparation work. For the income reporting, yes, anything you earn using your personal EFIN should be reported as self-employment income on Schedule C. Make sure to track all your business expenses like software costs, office supplies, and if you're working from home, potentially home office deductions. One thing I'd add that others haven't mentioned - consider getting your own errors and omissions (E&O) insurance for your personal EFIN work. Your employer's insurance likely won't cover returns you file independently. Also, keep really good records separating your two practices - separate client files, separate banking if possible, and clear engagement letters so there's no confusion about which capacity you're working in. The IRS actually expects this kind of arrangement and has procedures in place for it. Just make sure you're not violating any employment agreements with your firm!

Adding to what others have said about the dual EFIN setup - you're definitely good to go from a compliance standpoint. I've been doing this for about 3 years now (working at H&R Block during the day, personal EFIN for evenings/weekends) and have never had any issues with the IRS. One practical tip that's helped me a lot: set up completely different workflows for your two practices. I use different intake forms, different client management systems, and even different physical spaces in my home office. This makes it crystal clear which "hat" I'm wearing for each client and helps avoid any potential conflicts or confusion. Also, don't underestimate the time commitment for your personal practice. Between client meetings, return preparation, and all the administrative stuff (invoicing, follow-ups, etc.), it adds up quickly. I started with just a few family members and friends, but word spreads fast once you do good work. Make sure you're prepared to scale up your systems if demand grows!

One thing to keep in mind is that most RSUs are taxed at vesting (your company probably withheld shares for taxes when they vested). So your actual cost basis for tax purposes is the FMV on vesting date, not zero. This means your older RSUs that are "lower than current price" might actually represent a loss if the current price is lower than when they vested! In that case, selling them would give you a capital loss you can use to offset other gains. Check your vesting statements carefully!

Great advice from everyone here! One additional consideration for @Kristin Frank - if you're in a higher tax bracket this year but expect to be in a lower bracket next year (maybe due to job change, retirement, sabbatical, etc.), it might make sense to delay selling the older RSUs to take advantage of the lower long-term capital gains rate when your overall income is lower. Also, don't forget about the Net Investment Income Tax (NIIT) - if your modified adjusted gross income exceeds $200K (single) or $250K (married filing jointly), you'll pay an additional 3.8% tax on investment income including capital gains. This could influence the timing of when you sell. The tools others mentioned like taxr.ai sound really helpful for modeling different scenarios, especially when you factor in state taxes and these additional considerations!

Great question! As someone who went through this exact same confusion last year, I can share what I learned. The key thing to understand is that the mortgage interest deduction only helps if your total itemized deductions exceed the standard deduction. For your situation with a $385k house, you're probably looking at around $15-18k in mortgage interest for the first year (depending on your rate). Add your property taxes (~$5-8k typically for that price range) and you might be getting close to the $29,200 standard deduction threshold for married filing jointly. Here's what I wish someone had told me: Don't rush to adjust your withholding in your first year. Calculate your expected itemized deductions first (mortgage interest + property taxes + charitable donations + any other qualifying expenses) and only adjust withholding if you're confident you'll exceed the standard deduction by a meaningful amount. The mortgage interest deduction is great, but it's not automatic money back - it just reduces your taxable income. And remember, you can always make this calculation again next year when you have actual numbers from your first year of homeownership!

I completely understand your confusion - this was one of the most overwhelming aspects of becoming a first-time homeowner for me too! Here's what I've learned after going through this process: The math is actually pretty straightforward once you break it down. For your $385k house with $2,680 monthly payments, you're likely paying around $15-17k in interest during your first year (assuming a rate around 6-7%). Add your property taxes, and you might be looking at around $20-23k in potential itemized deductions before considering charitable contributions or other eligible expenses. Since the 2025 standard deduction for married filing jointly will be around $29,200, you'd need about $6-9k more in deductions to make itemizing worthwhile. This could come from charitable donations, state/local taxes (up to the $10k cap), or medical expenses. My advice: Don't adjust your withholding in year one. Use this first year to collect real data on your mortgage interest (your lender will send you Form 1098), property taxes, and other potential deductions. Then you can make an informed decision about withholding adjustments for year two. The mortgage interest deduction is valuable, but only if it pushes your total itemized deductions above that standard deduction threshold. Take it slow and you'll figure out what works best for your specific situation!