When dealing with IRS transcripts, understanding the codes is crucial to deciphering what's happening with your tax return. Here's what these codes generally indicate: Code 150: This represents a tax return that has been filed. It's the basic code used to show the original amount of tax that the IRS has assessed based on your filing. Code 810: As you mentioned, this is a refund freeze. If it remains on your account after you've verified your identity in person, it means the freeze has not been lifted yet. The freeze could have been placed for various reasons, such as suspicion of identity theft or the need for further review. Code 766: This code indicates a credit to your account. This could be from overpayment from a previous year or a credit like the Earned Income Credit (EIC). Code 768: This code refers to the Earned Income Credit (EIC) specifically. It indicates that the EIC amount you're eligible for has been posted to your account. The "return due date" and "return received date" of 4/15/24 do not necessarily indicate the date you will receive your refund. This date is typically the deadline for filing taxes or the date the IRS acknowledges they received your return if you filed on the due date. The presence of codes 766 and 768 suggests that your credits have been acknowledged. However, the refund itself may still be on hold due to the 810 freeze code. Refunds are often issued within 21 days of the IRS accepting your tax return if there are no issues, but this can be delayed by various factors, including security checks like the one you experienced. Since you've already taken steps to verify your identity in person, the freeze should be lifted shortly, assuming there are no other issues. Keep an eye on any updates to your transcript for the removal of the 810 code, which would indicate the freeze has been lifted. If the 810 code is removed, and you see a transaction with code 846 (which signifies a refund issued), that would provide a better indication of when you can expect your refund. I made a video about calling the IRS transcript line here: https://youtu.be/UiAegRQ2Is8

I also have the same issue but my code 150 have a future date , code 810 is some months ago

One strategy I don't see mentioned is differentiating between the PSL and the actual tickets. My CPA structured my ticket business so that I personally own the PSLs as an investment asset (since they can appreciate over time), while my LLC "rents" the right to purchase the annual tickets from me. This way, the LLC can deduct the full cost of the annual tickets plus a reasonable "rental fee" for using my PSLs, and I report that rental income personally. This creates some nice tax flexibility depending on my overall situation each year. When/if I eventually sell the PSLs, I'll be taxed at capital gains rates rather than ordinary income. My CPA said this approach works best when the PSLs have significant value like yours do at $80k.

This is exactly the kind of situation where proper planning upfront can save you thousands in taxes and headaches later. One thing I'd add to the excellent advice already given is to consider the timing of when you set up your LLC and start treating this as a business. If you retroactively try to claim business deductions for years when you were just casually selling tickets, that could raise red flags. But going forward, if you formalize the structure and start operating in a businesslike manner, you'll be in much better shape. Also, don't overlook the potential for other revenue streams once you have the LLC set up. Some of my clients have expanded into buying/selling other events' tickets, partnering with other season ticket holders, or even offering ticket management services. The infrastructure you set up for your football tickets can often support additional activities. Just make sure whatever you do, you're genuinely operating with profit motive and keeping detailed records. The IRS hobby loss rules are no joke, especially with high-dollar activities like this.

Remember - if your roommate is trying to claim home office deductions, they need to be legitimately using that space EXCLUSIVELY for work. The IRS is really strict about this. You can't claim your bedroom if you also sleep in it. Has to be a dedicated workspace only.

Just to add to what others have said about the tax implications - you're absolutely right that the reimbursements from your roommates aren't taxable income. But keep good records anyway! If you're ever audited, having documentation showing that you only collected their fair share of actual utility costs will make everything much smoother. One practical tip: consider setting up a simple shared Google Sheet or document where you can post monthly utility bills and show the breakdown of who owes what. This creates transparency for your roommates and gives you a clear paper trail. You can include photos of the actual bills and note when each person paid their portion. And yes, having utilities in your name does give you some benefits beyond just convenience - you're building a payment history with those companies, which can be helpful if you move and need to set up services elsewhere. Just make sure your roommates are reliable with payments so you don't get stuck with late fees or service interruptions!

Does anyone know if Zelle falls under this $600 rule? My client wants to pay me through Zelle instead of Venmo because they heard Zelle doesn't report to the IRS. Is that actually true or just a myth?

This is a great question that many people are confused about! To clarify the original post - your $750 cash deposit from your brother's loan repayment will NOT trigger any IRS reporting requirements from your bank. Regular banks don't report individual deposits as "income" to the IRS unless they exceed $10,000 (which requires a Currency Transaction Report for anti-money laundering purposes, not tax purposes). The $600 rule specifically applies to third-party payment settlement entities like PayPal, Venmo, Cash App, etc. These platforms must issue 1099-K forms when your annual transactions exceed $600. Traditional banks operate under completely different reporting rules. Since this was a personal loan repayment, it's not taxable income anyway - you're just getting your own money back. The IRS doesn't consider loan repayments as income to the lender. Just keep a simple record (even a text message) showing it was a loan repayment in case you ever need to explain the deposit, though for this amount it's very unlikely to be questioned.

It sounds like your CPA is partially right but maybe oversimplifying. Here's how it actually works with rental properties: 1. Your original purchase price plus certain closing costs form your initial cost basis 2. Capital improvements (new roof, HVAC, additions) increase your basis 3. BUT you have to reduce your basis by the amount of depreciation you've claimed over the years The IRS calls this your "adjusted basis" - your original basis plus improvements minus depreciation deductions. So your CPA is wrong if they're saying you can't add ANY improvements to basis - you definitely can. But they're right that you can't add regular maintenance expenses that were fully deducted. Publication 527 explains this in detail. Look at the "Adjusted Basis" section.

I'm actually a landlord with multiple properties and just want to add one more thing that hasn't been mentioned yet: depreciation recapture! Even after you figure out your correct adjusted basis, when you sell a rental property, you'll have to "recapture" the depreciation you claimed over the years at a 25% tax rate (which is often higher than the long-term capital gains rate). So make sure you're planning for that tax hit too. It catches a lot of first-time rental property sellers by surprise.