I can definitely relate to your anxiety about this! I was in almost the exact same situation two years ago - owed about $3,800 through TurboTax and was constantly checking my bank account waiting for the withdrawal. The anticipation is honestly the worst part when you're not used to owing taxes. Based on my experience and what I've learned since then, TurboTax automatic payments typically take 3-5 business days from your scheduled date to actually process. Since you scheduled for April 10th, you should see the withdrawal sometime between now and early next week. The most important thing to remember is that the IRS considers your payment made on April 10th (when you scheduled it), not when the money actually leaves your account, so you're completely protected from any late penalties. A few things that helped me get through the waiting period: - Keep a buffer in your account until you see the withdrawal (don't move money around yet) - Save screenshots of your TurboTax payment confirmation for your records - Try to check your account only once a day instead of multiple times (I know it's hard!) - Remember that TurboTax batches payments which adds 1-2 extra days compared to paying directly through IRS.gov You did everything correctly by scheduling before the deadline, so try not to stress too much. The IRS processing system is just naturally slow, especially during peak tax season. You're going to be fine!

I totally understand your anxiety! I went through something very similar last year when I owed about $2,650 through TurboTax - also my first time owing instead of getting a refund. The constant bank account checking is so real! From my experience, TurboTax automatic payments typically take 3-5 business days from your scheduled date. Since you scheduled for April 10th, you should see the withdrawal by early next week at the latest. The key thing that gave me peace of mind was understanding that the IRS considers your payment made on April 10th (when you scheduled it), not when the money actually comes out of your account. A few tips that helped me through the waiting: - Keep plenty of buffer money in your account until you see the withdrawal - Save screenshots of your TurboTax payment confirmation - Try to limit checking your account to once per day (I was checking like 20 times a day and driving myself crazy!) - Remember that TurboTax batches payments which can add an extra day or two compared to paying directly through IRS.gov You did everything right by scheduling before the deadline, so try not to stress too much. The waiting is definitely the hardest part, but you're covered! The IRS processing system is just slow, especially during tax season.

Has anyone here tried using a written business plan to document your intent with the vehicle? My CPA had me create one for my Turo business to show legitimate business purpose.

I've been through this exact scenario with my luxury SUV on Turo. The harsh reality is that you can't deduct the entire $165k purchase price even with 100% business use for those 2 months. The IRS calculates business use percentage based on the entire tax year, so 2 months = roughly 16.7% maximum deduction. Even with Section 179 and bonus depreciation for vehicles over 6,000 lbs, you're still limited to that business use percentage. Plus, there are luxury auto depreciation limits that cap your deductions regardless. The bigger issue is that switching to personal use right after taking business deductions could trigger recapture rules and look like tax avoidance to the IRS. I'd strongly recommend keeping it as business use for at least the full year if you're going this route, and definitely consult a tax pro before dropping $165k on this plan.

Don't forget that your daughter will need to file Form 8949 along with Schedule D to report these stock sales. The "Code" column needs to indicate these were gifted shares. For the stock sold at a loss where FMV at time of gift applies, she should use code "B" and attach an explanation.

Remember that the holding period for gifted stock transfers with the gift! So if you held the stock for over a year before gifting it, and your daughter sells it immediately, she still gets long-term capital gains treatment. This is different from inherited stock where the basis gets stepped up but the holding period resets.

The IRS is such a joke fr taking 6 months to verify basic info 🤡

Wow, 6 months is insane but at least you got it sorted! Looking at all those codes and adjustments, it seems like the IRS was doing a deep dive review of your return. The fact that they reduced your prior tax assessment by over $6k in September suggests they found something significant in your favor. Quick question - did you have any major life changes or income sources that might have triggered the initial freeze? Trying to figure out if there's a pattern to these long delays 🤔

A big consideration that hasn't been mentioned yet is state taxes! Capital gains are treated differently state-by-state, and some states have their own brackets/systems that don't align with federal. I live in California and the state taxes were actually a bigger factor in my decision than federal because we tax capital gains as ordinary income. Might be worth checking your state's rules too.

Something else to consider - if you're thinking of buying a house or applying for any major loans in early 2025, keeping your reported 2024 income lower might help with your debt-to-income ratio on applications. Lenders typically look at your last 1-2 years of tax returns.