Don't overthink the building management fees! I spent hours researching this same question last year. The admin fee and move-in fee are definitely deductible in year 1 as rental expenses. The working capital contribution is trickier - technically it's a deposit into the building's reserve, so it's not immediately deductible. Also, make sure TurboTax is prorating your expenses correctly for the partial year. For things like property taxes and insurance, you can only deduct the portion that applies to when the property was actually a rental (Oct-Dec in your case). So that would be 3/12 of your annual amounts. This might be why some of your numbers look off.

I had a very similar situation with my first rental property! Your cost basis calculation is definitely off - with a $520k purchase price, that $134,628 figure suggests there's an input error somewhere in TurboTax. A few things to double-check: 1. Make sure you entered the correct land/building allocation. Based on your tax assessment ($215k land, $100k improvements), you should allocate roughly 68% to land and 32% to building from your purchase price. 2. Verify you didn't accidentally enter a partial ownership percentage or put in the wrong purchase price. 3. The bathroom renovation ($15k) should be added to your depreciable basis since it was done before placing in service. Your depreciable basis should be approximately: ($520k - $353k land value) + $15k renovation = ~$182k for the building portion. For the closing costs, most of what you listed (recording fees, title insurance, legal fees) get capitalized into your basis rather than expensed immediately. The admin fee and move-in fee to building management can typically be expensed in year 1, but the working capital contribution is usually treated as a capital asset. Also make sure TurboTax is correctly prorating your expenses for the 3-month rental period (Oct-Dec). Your actual deductible expenses should be much higher than $257 for three months of operation.

Does anyone know if tax software like TurboTax automatically calculates the Social Security tax overpayment refund? Or do I need to manually enter something specific?

This is such a relief to read! I'm in almost the exact same boat - left my job in July after hitting the SS tax cap, then started a new position where they've been withholding SS tax for the rest of the year. I've been losing sleep over whether I'd have to deal with separate payments and refunds. Based on what everyone's saying here, it sounds like the IRS will just net everything out on my 1040, which makes way more sense than having to juggle multiple transactions. The safe harbor rule explanation was especially helpful - I definitely paid over 110% of last year's tax through withholding, so that should protect me from penalties. Thanks to everyone who shared their experiences and tools. It's nice to know this is a common situation and there are resources to help navigate it!

Don't overlook the importance of state tax knowledge! I used an out-of-state preparer once to save money and ended up missing out on several state-specific deductions. Cost me way more than I saved. At minimum, make sure whoever you use has experience with your specific state's LLC tax requirements, even if they're not physically located there.

I completely understand your stress about this situation - I was in a similar boat with my consulting LLC a couple years ago. Here's what I learned from my experience: You absolutely don't need a CPA for LLC tax preparation, especially if budget is a concern. An Enrolled Agent (EA) can handle everything you need and typically charges 20-40% less than CPAs. EAs are federally licensed and can represent you before the IRS, which is crucial when dealing with multiple years of unfiled returns and potential penalties. For the location question - physical proximity doesn't matter, but state tax expertise absolutely does. I made the mistake of using someone from out-of-state who didn't understand my state's specific LLC requirements and it ended up costing me more in the long run. Look for someone who specifically mentions experience with your state's tax laws, even if they're not physically located there. Given your multi-year backlog, focus on finding someone with experience in penalty abatement and catch-up filings. They can often get penalties reduced or waived entirely by properly explaining your circumstances to the IRS. Don't let the stress paralyze you - the longer you wait, the worse it gets. Getting accurate returns filed ASAP is what matters most, regardless of whether it's done by a CPA or EA. The IRS cares about accuracy and compliance, not the credentials of who prepares your returns. Good luck!

Pro tip: Write down all your previous addresses and employers for the past 3 years before you go. They love asking those surprise questions to trip people up lol

Been through this twice unfortunately. Besides what everyone mentioned, they might also ask about any changes in your banking info or direct deposit details from previous years. Also bring a recent pay stub if you're employed - they asked me about my current job even though it wasn't on my return yet. The whole thing took about 45 minutes but most of that was waiting. Good luck! 🤞

I'm going through something very similar right now - my 2020 amended return was mailed certified on February 28th and it's been 12 weeks with absolutely nothing showing up in the "Where's My Amended Return" tool. I have the delivery confirmation that they received it on March 1st. What's really frustrating is that I called the main IRS number (1-800-829-1040) three times over the past month and each time I was told something different. First rep said "give it another few weeks," second one couldn't find any record of it at all, and the third one said paper returns are taking 4-6 months just to be entered into their system right now. The inconsistent information is almost worse than the delay itself. At least if they gave everyone the same realistic timeline, we'd know what to expect. But when their own website says 3 weeks and their phone reps are saying 4-6 months, it's impossible to know what's actually happening. I'm considering trying some of the services mentioned in this thread to get better information, because the uncertainty is really getting to me. Has anyone had luck getting consistent information from the IRS recently?

I feel your frustration completely - I went through something very similar with my 2018 amended return a couple years ago. The "3 weeks to show up in system" timeline on their website is honestly outdated and misleading at this point. Here's what I learned from my experience: The IRS processes paper amended returns in batches, and right now they're severely understaffed. Your return is almost certainly sitting in a physical pile somewhere waiting to be manually entered into their computer system. The fact that you have certified mail confirmation of delivery on April 11th is crucial - keep that documentation safe. At 8 weeks, you're definitely within your rights to call and inquire. Try calling early in the morning (8-9 AM) on Tuesday or Wednesday for the best chance of getting through quickly. When you call, have your SSN, filing status, exact dates, and that certified mail tracking number ready. One thing that helped me was asking the representative to put notes on my account about my inquiry. That way if you need to call again, there's a record of your previous calls and concerns. Also ask for a case reference number if they can provide one. The waiting is absolutely the worst part, but in my experience, these "lost" returns usually aren't actually lost - they're just buried in processing backlogs that are much longer than what their website suggests.