Has anyone used Fidelity for their Solo 401k? I'm trying to decide between them and Vanguard for my photography business. Also wondering if anyone knows if these providers are fully updated on the SECURE Act 2.0 changes regarding the setup deadlines?

Great thread everyone! I just went through this exact process for my consulting business. One thing I'd add that hasn't been mentioned yet - make sure you have your 2024 Schedule C or other self-employment documentation ready when you set up the Solo 401k. The providers need to verify your self-employment income to calculate your maximum contribution limits. Since you're setting up the plan in 2025 for the 2024 tax year, having your actual 2024 income figures makes the whole process much smoother than trying to estimate. Also, don't forget that if you do set up the Solo 401k for 2024, you'll need to file Form 5500-EZ with your 2024 tax return if your plan assets exceed $250,000 at the end of the year. Just something to keep in mind for your tax prep!

To get help from TAS, follow these exact steps: 1. Prepare documentation of ALL previous contact with the IRS (dates, times, who you spoke with, what was said) 2. Gather evidence of financial hardship (shut-off notices, eviction warnings, medical bills, etc.) 3. When you call, clearly state: "I need TAS assistance because I've exhausted normal IRS channels and am facing imminent financial hardship" 4. Be specific about what will happen if your tax issue isn't resolved (exact dates and consequences) 5. If initially rejected, ask: "What specific criteria am I not meeting for TAS assistance?" 6. Request the agent document your contact in case you need to escalate later Have you already tried contacting the specific IRS department that handles your tax issue directly?

I went through this exact process about 6 weeks ago and want to share what actually worked for me. The key is being very specific about your hardship and having documentation ready BEFORE you call. When I called TAS, I had: - Screenshots of my bank account showing insufficient funds - A notice from my mortgage company about missed payments - Documentation of 5+ failed attempts to reach the right IRS department - Exact dates and reference numbers from previous calls The intake specialist asked me three main questions: 1. "What specific financial hardship will occur and when?" 2. "What attempts have you made to resolve this through normal IRS channels?" 3. "Do you have documentation to support both your hardship and your previous attempts?" I was honest and said I'd miss my mortgage payment in 12 days if my refund didn't come through, and I had the bank statements to prove it. They accepted my case that same day. The biggest mistake I see people make is being vague about their situation. Don't just say "I need my refund" - explain exactly what will happen and when. Good luck! 🤞

I've been through this exact scenario with my single-property LLC. After consulting with both my CPA and doing extensive research, I ultimately decided against buying a vehicle through the LLC, and here's why: The IRS scrutinizes vehicle deductions for single-property LLCs extremely carefully. You need to demonstrate legitimate business use, and with just one property, it's nearly impossible to justify the high percentage of business use required to make it worthwhile. I tracked my actual property-related driving for six months and found I was only using about 25% for legitimate business purposes (property visits, supply runs, contractor meetings, etc.). Instead, I opted for the standard mileage deduction on my personal vehicle. For 2024, that's 67 cents per mile for business use. I keep a detailed log using a simple smartphone app, and at the end of the year, I multiply my business miles by the standard rate. This approach is much simpler from a record-keeping perspective and eliminates the complications of mixed personal/business use. The administrative burden of LLC vehicle ownership (separate insurance, tracking personal vs. business use, potential imputed income for personal use) just wasn't worth the modest tax savings I would have achieved. Sometimes the simplest approach is the most tax-efficient one.

I went through this exact decision last year with my single rental property LLC and ended up doing a deep dive into the numbers. After tracking my actual property-related driving for three months, I found I was only hitting about 22% legitimate business use - similar to what others have mentioned here. What really opened my eyes was when I calculated the total cost of ownership through the LLC versus just taking the standard mileage deduction. Between the additional insurance costs (had to get commercial coverage), the complexity of tracking personal vs business use, and the potential for imputed income on personal miles, the LLC route would have actually cost me money compared to the mileage deduction. The breaking point for me was realizing that even if I could somehow justify 50% business use (which felt aggressive for one property), the tax savings were minimal - maybe $800-1200 per year - while the administrative headache and audit risk were significant. I ended up keeping detailed mileage logs on my personal vehicle and claiming the standard deduction. Much cleaner, and my CPA said it's actually the approach he recommends for most single-property owners unless they're doing major rehab projects that require daily trips to the property.

Has anyone ever tried figuring out the original basis by looking up the county property appraiser's website? My uncle's original purchase documents were destroyed in a flood, but I was able to find his original purchase price by searching the county records online. Many counties have this info digitized now and searchable by address.

I'm dealing with almost the exact same situation right now with my father's property! He added me and my sister to the deed about 18 months before he passed, and we just sold it last month. One thing that really helped me was getting a professional appraisal of the property as of the date of death - this gave me the stepped-up basis value for the inherited portion. It cost about $400 but was totally worth it for the tax accuracy. The appraiser was also able to provide documentation that the IRS would accept if I ever got audited. Also, don't forget to look for any capital improvements your mom made beyond just the kitchen renovation. Things like new flooring, roof repairs, HVAC upgrades, even major plumbing work can all add to the basis. I found receipts in my dad's files for stuff I didn't even remember him doing. One more tip - if you can't find all the improvement receipts, some contractors keep records for years and might be able to provide copies if you remember who did the work. Good luck with everything - this stuff is so stressful but you'll get through it!

Just a heads up - make sure the brokerage you choose is comfortable with this situation. I tried to help my NRA spouse open an account with a smaller brokerage, and despite providing all the correct documentation, they ultimately refused because their compliance department wasn't familiar with the tax election process. We eventually went with Schwab who had more experience with international clients and understood the distinction between tax residency and immigration status. They knew exactly what to do with the W-9 for someone with a foreign passport once we explained our tax election.

I'm dealing with a very similar situation right now! My husband is from the UK and we're planning to make the election to file jointly for our 2025 taxes. This thread has been incredibly helpful - I had no idea about the distinction between tax residency and immigration status for these purposes. One question I have is about timing - do we need to wait until we actually file our joint return to open the IRA account, or can we open it now based on our intent to make the election? Also, has anyone dealt with this situation where the NRA spouse doesn't have any US earned income yet? I'm wondering if the spousal IRA contribution rules still apply in this case. Thanks to everyone who shared their experiences - it's so much more helpful than the conflicting advice I've been getting from different sources!