This is super helpful! I do have some stock purchases from around 2007-2008 that I'm still holding. Sounds like I should definitely keep those returns. Do you recommend physical copies, digital, or both?

For stock purchases you're still holding, definitely keep those records until at least 7 years after you sell. The basis information is crucial for calculating your eventual capital gains/losses. I strongly recommend both physical and digital copies for your most important documents (like the OIC, home purchase, and investment records). For the rest, properly encrypted digital copies are usually sufficient. Just make sure you have multiple backups - I've seen too many clients lose everything in a hard drive crash. Cloud storage plus an external hard drive gives you good redundancy.

Yes! This happened to me too! Needed info from my 2012 return and the IRS said they couldn't provide a transcript. The IRS representative told me they "might" have the actual return available but I'd need to pay $43 for a copy and wait 6-8 weeks. Definitely keep your own records.

TurboTax does handle PTPs but not very elegantly. I've found TaxAct actually has a better interview process for PTPs specifically. It walks you through the basis adjustments more clearly and doesn't try to double-count. I switched last year after having the same issue with TurboTax and was much happier with how TaxAct handled my UCO and AMLP investments.

Thanks for the TaxAct suggestion. I've been using TurboTax for years and wasn't aware TaxAct might handle these situations better. I'll definitely look into switching for this tax season. I'm getting pretty frustrated with how TurboTax keeps trying to double-count my PTP income. Having to manually fix everything in forms view defeats the whole purpose of using tax software in the first place. Hopefully TaxAct's interview process for the basis adjustments will save me some headaches.

Your accountant is mistaken. UCO is a domestic PTP traded on US exchanges. You only need to file Form 8938 or FBAR for financial assets held outside the US. The fact that UCO might invest in commodities or futures contracts with international exposure doesn't make it a foreign financial asset for FBAR or 8938 purposes. This is a common misconception. You only need to report on those forms if YOU directly hold the foreign assets or accounts. Since you're just holding the PTP units which are domestic securities, there's no FBAR or 8938 requirement here.

How would I even approach this conversation with my manager? I'm not sure they'd understand what I'm asking for. Are there specific terms or IRS codes I should mention?

I'd suggest approaching it from the angle that it could benefit both you and the company. Something like: "I've been researching our current vehicle arrangement, and I found a potential way to make it more tax-efficient for both of us through a qualified transportation fringe benefit program under IRC Section 132(f)." Mention that this could reduce the company's payroll tax liability while also increasing your take-home pay. HR departments are usually familiar with these programs - they're similar to how commuter benefits work in many companies. If your manager isn't familiar, suggest a conversation with HR or payroll to explore the option. Come prepared with the estimated savings for both sides if possible.

My company did this last year! The key was showing HR the math on how much THEY would save on payroll taxes. For every $100 in pre-tax benefits, they save around $7.65 in employer-side payroll taxes. Our fleet has 38 vehicles so it added up fast. I brought a simple spreadsheet showing the annual savings and suddenly they were interested! The payroll system change was minimal on their end.

How much does a cost segregation study typically run for a smaller commercial property? I've heard they're expensive but worth it for larger properties. Is there a minimum building value where it makes sense?

For smaller commercial properties, cost segregation studies typically run between $5,000-$8,000, depending on the complexity. The general rule of thumb is that the property should be valued at a minimum of $750,000 to make it worthwhile, but that can vary. The ROI calculation depends on your tax bracket and how much can be reclassified to shorter depreciation schedules. In my case, with a $1.2M property, the study cost $6,500 but identified about $280,000 in components that could be depreciated over 5-15 years instead of 39 years. That accelerated depreciation schedule created about $37,000 in tax savings in just the first year, so it paid for itself multiple times over.

The mixed-use aspect complicates things but doesn't prevent a 1031 exchange. You'll need to carefully document the percentage used for each purpose. If the entire property was always used for business (not personal), you should be eligible for a full 1031 exchange regardless of the specific business use.

If I started working from home mid-year, can I only deduct for the months I actually had the home office set up? Or is it an all-or-nothing for the tax year?

You can absolutely prorate the deduction for just the months you had the home office. If you started working from home in July, for example, you'd only take the deduction for 6 months of the year. Just make sure to document when you established the home office. Having dated photos of the setup process or receipts for office furniture can help establish your timeline.

That sounds nightmarish! Did you end up getting to keep the deduction or did they make you pay it back?