One thing nobody has mentioned yet - if you do a cost segregation study and then later convert the property back to a long-term rental, you don't lose the benefits of the cost segregation. The accelerated depreciation schedule stays in place. BUT, be aware that if you sell the property, all that accelerated depreciation will be subject to depreciation recapture at a 25% tax rate (assuming current tax law). So while you get great tax benefits now, you'll potentially pay more when you sell.

One warning about cost segregation - the IRS has been increasing scrutiny of these studies in recent years. Make sure whoever does yours is legit and has engineering credentials. I've seen people try to DIY this and get absolutely hammered in audits.

Has anyone used CCH Axcess for SPVs? My CPA recommended it to me for our angel fund, but the pricing seemed outrageous for what's essentially a passive investment vehicle with 25 investors.

For your situation with multiple investment LLCs and 40-50 K-1s, I'd recommend starting with TaxAct Professional as Isabella mentioned. I've been using it for my real estate investment partnerships for 3 years now, and it handles the member data carryover beautifully. The key advantage for investment vehicles is that once you set up the allocation percentages and member information, subsequent years are mostly just updating income/loss amounts and any membership changes. TaxAct's batch K-1 printing and e-filing capabilities will save you hours compared to manual preparation. One tip: when you first set it up, take the time to carefully enter all the member information including addresses and SSNs. The software will catch common errors like mismatched names/SSNs that could cause IRS notices later. For the price point (around $200-300 per return), it's a solid middle ground between DIY manual work and expensive professional software. The learning curve is pretty gentle if you're already familiar with 1065 forms, and their support is responsive when you run into questions about specific partnership allocations.

Quick warning about cashing old bonds - the bank teller might not know how to handle them properly! When I cashed my old EE bonds, the first bank I went to reported the ENTIRE amount as interest on my 1099-INT, not just the interest portion. It was a huge headache to fix. Make sure whoever cashes them understands the difference between the principal (what you paid for the bond) and the interest (what you earned). The 1099-INT should only show the interest amount.

Just to add another perspective here - if you're dealing with multiple old bonds from different years, it might be worth keeping detailed records of when you cash each one. I had EE bonds from 1991, 1992, and 1993 that I found all at once, and when I cashed them in 2023, the bank lumped all the interest together on one 1099-INT. This created some confusion because technically each bond had different interest calculation periods and rates. I ended up having to request separate documentation from the Treasury to show the breakdown for my records. Not a huge deal, but something to be aware of if you're in a similar situation with multiple bond years. Also seconding what others said about those 1992 bonds likely being done earning interest - definitely get them cashed sooner rather than later!

Omg totally illegal! My sister works for unemployment and she says people get caught doing this ALL THE TIME. They can check hospital records, birth certificates, social media, etc. The system flags cases where someone files taxes with a new dependent born during unemployment claims. Also when u certify for unemployment benefits every week, you have to confirm ur available to work full time. If ur recovering from childbirth/caring for newborn, that's not true. Lying on those certifications is fraud. Penalties are no joke. My cousin got caught doing similar (different situation but same idea of claiming unemployment when not eligible) and had to repay ALL benefits plus a 30% penalty. They also banned her from getting unemployment for 5 years, which really hurt when she actually did lose her job later. Tell ur work NO WAY and start looking into legitimate options like short term disability. Some states have paid family leave too.

This is definitely unemployment fraud and you should absolutely not do this. I work in tax preparation and see the aftermath of these situations regularly. The IRS and state unemployment offices have sophisticated cross-referencing systems that will catch discrepancies between your unemployment claims and tax filings. When you file your 2025 taxes claiming a newborn dependent born in December, but also received unemployment benefits during that same period for being "laid off," that's going to trigger automatic flags in the system. The timeline will be obvious - you can't be actively seeking work while in the hospital giving birth and caring for a newborn. Beyond the fraud issue, there are legitimate options you should explore first. Many people don't realize that short-term disability insurance often covers pregnancy and childbirth recovery. Check your employee benefits package - you might already have this coverage. Also, some states have temporary disability insurance programs that provide partial wage replacement during recovery from childbirth. If your employer is genuinely experiencing financial hardship and can't provide paid leave, they should be honest about that rather than suggesting illegal workarounds. There may be legitimate ways to structure unpaid leave with partial income replacement through proper channels. Document everything about these conversations and consult with an employment attorney if needed. Your employer putting you in this position is problematic on multiple levels.

Just to add a potentially useful resource - publication 556 "Examination of Returns, Appeal Rights, and Claims for Refund" has detailed information about the limitations on refund claims. The key section for your case would be the "Time for Filing a Claim for Refund" portion. Also look into "protective claims" which are sometimes allowed even after limitations periods have passed if there were special circumstances. Not sure if your situation qualifies, but worth investigating. If you filed during COVID, there were also special extensions to some filing deadlines that might potentially apply to your situation. The IRS issued several notices extending various deadlines.

I'm really sorry you're going through this - $75K is an enormous amount to lose to a technicality. While the statute of limitations rules are unfortunately strict, there might be some avenues worth exploring given the amount involved. One thing that stands out to me is that you consistently elected to keep overpayments with the IRS rather than taking refunds - this shows a clear pattern of intending to maintain credit balances for future tax obligations. Some courts have distinguished between different types of payments and credits in similar cases. Have you looked into whether any of the COVID-related relief provisions might apply to your timeline? The IRS issued numerous deadline extensions and special procedures during 2020-2021 that could potentially affect limitation periods. Also, consider whether there were any IRS processing delays or errors that contributed to this situation. If you can document that the IRS failed to properly process your returns or apply your payments in a timely manner, that might provide grounds for an exception. Given the amount involved, I'd strongly recommend consulting with a tax attorney who specializes in statute of limitations cases before accepting this outcome. Many offer free consultations and could quickly assess whether you have viable options for recovery. Don't give up yet - $75K is worth fighting for, and there are specialized advocates who deal with exactly these types of IRS disputes.