Just wanted to add one more important point - make sure you keep copies of all your documentation! Since you're crossing the border frequently from Canada, I'd recommend keeping a simple spreadsheet or calendar tracking your entries and exits. Even if you don't have perfect records now, start documenting going forward. Also, if you're unsure about any specific dates, you can request your I-94 travel history from CBP's website (i94.cbp.dhs.gov). This will show your official entries and exits which can help fill in gaps in your records. As a Canadian, some of your crossings might not show up if you didn't go through formal inspection, but it's still worth checking. The key thing is to be as accurate as possible on Form 8843 since it establishes your tax residency status. Good luck with your filing!

Just to add to all the great advice here - I went through this exact same situation two years ago as a Canadian F-1 student! One thing that really helped me was contacting my school's international student services office. They often have staff who are familiar with Form 8843 and can review your completed form before you submit it. Also, since you mentioned you live 15 minutes from the border, you might want to check if your bank or credit card statements can help reconstruct some of your travel dates. I used my transaction history to figure out which days I was on which side of the border when I didn't have other documentation. The most important thing is to be consistent and honest about your day counts. The IRS understands that border crossers don't always have perfect records, but they want to see that you made a good faith effort to be accurate. Don't stress too much - you're asking the right questions and getting good guidance here!

Code 290 on your transcript means "Additional Tax Assessed" but don't panic! In most cases, when you see 290 with $0.00 next to it, it's actually a positive sign - it means the IRS reviewed your return and didn't find any errors that would change your refund amount. It's basically their way of saying "we double-checked your math and everything looks good." The code can stick around for a few weeks during processing, which is totally normal. If there WAS an actual issue, you'd see a real dollar amount next to the 290 code. So if yours shows $0.00, you're likely in good shape and just need to wait for normal processing to complete! 🙂

Code 290 definitely freaked me out too when I first saw it! But everyone here is right - if it shows $0.00 next to it, you're actually in a good spot. I had the same code for about 3 weeks before my refund finally hit. The IRS is just being extra thorough this year it seems. Try not to check your transcript too obsessively (easier said than done, I know!) because the waiting game is the worst part. Your refund is probably just working its way through their system normally!

As someone who went the C-Corp route 5 years ago with similar income to yours, I want to share some real-world insights: 1. The administrative burden is significantly higher than pass-through entities. You'll need board meeting minutes, corporate bylaws, separate books, etc. 2. Medical expense reimbursement through a QSEHRA has been amazing - I deduct my family's healthcare costs pre-tax through the business 3. The retirement options are incredible. I've set up a cash balance plan that lets me put away almost $150k/year pre-tax, which is way beyond the limits of SEP IRAs or solo 401ks 4. The "double taxation" issue is real, but if you can keep money in the business for several years, the math often works out favorably 5. State taxes add another layer of complexity - some states have minimum corporate taxes or higher rates that can eat into the federal tax savings Worth noting that tax laws are always changing, so what works great now might not be optimal in 5 years.

Just throwing this out there - have you considered just staying as a sole proprietor but being more aggressive with retirement accounts and other tax strategies? I'm in a similar boat (31, single, ~$200k from consulting) and I've found that maxing out a Solo 401k with both employer and employee contributions plus setting up a SEP IRA has been enough to meaningfully reduce my tax burden without the corporate complexity. Also, you didn't mention what state you're in - that makes a HUGE difference. Some states have additional taxes on corporations that can wipe out the federal advantages.

Has anyone here dealt with the depreciation recapture tax when selling? That's my biggest hesitation with bonus depreciation. Sure you save taxes now, but when you sell you pay up to 25% on all that depreciation. Does anyone have experience with how this plays out in real life?

Great discussion here! As someone who's dealt with similar multi-building commercial properties, I'd strongly recommend getting that cost segregation study done immediately after closing. With 11 buildings totaling $1.7M, you're likely looking at substantial components that can be reclassified for accelerated depreciation. Given your high W-2 income of $260k, bonus depreciation could provide significant tax savings by offsetting your ordinary income at higher tax rates. Even though bonus depreciation is phasing down (80% in 2025), that's still a massive deduction opportunity on eligible components. One thing to consider with your long-term hold strategy: you might want to model out scenarios where you do a cash-out refinance in 10-15 years instead of selling. This would allow you to pull out equity tax-free while continuing to depreciate the property and avoiding recapture entirely. With 11 separate buildings, you also have flexibility to potentially sell individual buildings over time rather than the entire portfolio at once, which could help manage your tax liability. The key is running the numbers on your specific situation - your current tax bracket, projected future income, and exit strategy timeline all factor into whether maximizing bonus depreciation now makes sense.

Has anyone noticed a pattern with verification timing? I verified on March 22, 2024, and I'm wondering if there's a specific day of the week when updates typically happen. My last refund (2022 filed in April 2023) updated on a Wednesday night, but I'm not sure if that's consistent for post-verification updates.

I completed ID verification through ID.me on March 15th and finally saw movement on April 2nd - so about 18 days total. Here's what I learned from tracking my case closely: **Key observation points:** • Transcript updates typically happen overnight Tuesday-Wednesday or Wednesday-Thursday • Look for code 971 (notice issued) followed by 290 (additional account action) • My WMR didn't update until 3 days AFTER my transcript showed the codes • Direct deposit date appeared 5 days after the 290 code posted **Timeline breakdown:** - 3/15: Verification completed - 3/29: Still no updates (was getting worried) - 4/2: Transcript updated with 971/290 codes - 4/5: WMR finally showed "approved" - 4/7: DDD appeared - 4/10: Funds deposited The 2-3 week range seems most accurate based on my experience. The 9-week estimate they give is definitely worst-case scenario. I checked transcripts every Wednesday/Thursday as others suggested - that timing was spot on for when updates actually happened.