I went through this exact same situation two years ago and can confirm that you're not out of luck! The IRS does allow late filing of Form 3115 for 475(f) elections under certain circumstances. The key is that you made a good faith effort by filing the election statement with your return. You'll want to file Form 3115 with your 2024 return and include a detailed reasonable cause statement explaining why you missed the original deadline. Reference Revenue Procedure 2022-14 for automatic consent procedures. Make sure to emphasize that you properly made the election statement and are correcting the oversight as soon as you discovered it. The good news is that if accepted, you won't need to amend prior returns - the Form 3115 handles the accounting method change adjustments through Section 481(a). I'd recommend getting professional help to ensure everything is done correctly, but you definitely still have options to salvage your MTM election.

I went through a very similar situation last year and want to reassure you that it's not hopeless! I made my 475(f) election with my 2022 return but completely missed the Form 3115 requirement. I didn't discover this until I was preparing my 2023 taxes. I ended up filing Form 3115 with my 2023 return under the automatic consent procedures in Rev. Proc. 2022-14. The key was including a comprehensive reasonable cause statement that explained I had made the election in good faith but was unaware of the additional Form 3115 requirement. I emphasized that I was correcting the oversight immediately upon discovery. The IRS accepted my late filing without any issues. The Section 481(a) adjustment wasn't as scary as I thought it would be - it actually worked in my favor since I had some unrealized losses that reduced my taxable income for that year. My advice: don't panic, but do act quickly. File the Form 3115 with your 2024 return, include a detailed reasonable cause statement, and reference the appropriate revenue procedure. If your trading situation is complex, consider getting professional help, but many people have successfully resolved this exact issue. The IRS is generally reasonable when you show good faith effort to comply.

This thread has been incredibly helpful! I'm dealing with a similar situation where my tenant submitted some kind of "payment voucher" claiming his trust would handle rent, but now I'm realizing this might be part of these schemes everyone is discussing. One thing I wanted to add - when I spoke with my attorney about tenant issues last month, she mentioned that these tax schemes often escalate if landlords don't address them immediately. The tenant might file additional fraudulent forms or even try to claim ownership interest in your property through fabricated lien documents. For anyone dealing with this: document everything, save all communications, and don't just assume it will go away on its own. These schemes are designed to create confusion and delay while the tenant continues living rent-free. Also, check if your landlord insurance covers legal costs related to tenant fraud - mine does, which has been a huge relief knowing I have backup if this gets complicated. Thanks especially to those who shared the specific resources. It's scary how organized these scams have become, but at least there are tools to help legitimate landlords protect themselves.

Yes, there are several resources for landlords to stay informed about these scams! The National Association of Residential Property Managers (NARPM) and many local real estate investor associations maintain fraud alert networks where members share information about emerging tenant scams. I'd also recommend following the IRS Criminal Investigation division on social media - they regularly post warnings about new tax schemes including ones targeting landlords. The Treasury Inspector General for Tax Administration (TIGTA) also publishes annual reports that detail common scams they're seeing. One thing I learned from my local landlord association is to be wary of tenants who: - Ask for your EIN "for their records" - Want to pay with anything other than standard payment methods - Mention "offset" payments or "mutual agreements" - Reference UCC filings or commercial law in rental discussions The key is early recognition. Once these schemes start, they can snowball quickly with multiple fraudulent filings. Having a network of other landlords who can confirm "yes, this is definitely a scam" versus "this might be legitimate" is invaluable. Your insurance point is spot-on too - many landlord policies now include identity theft and fraud coverage specifically because these schemes have become more common. It's worth reviewing your policy to see what protection you have.

Has anyone actually submitted a P&L to unemployment before? I'm in a similar situation with my Etsy shop and wondering if they're picky about the format. Would a spreadsheet work or does it need to look more official?

I went through this exact same situation with my small consulting business last year! The unemployment office really just wants to see that you're being transparent about your business income (or lack thereof). What worked for me was creating a very simple one-page document with these sections: **Business Information:** Your LLC name, your name, ownership percentage, time period **Revenue:** All money received from sales ($980 in your case) **Expenses:** Break these down by category: - Initial equipment investment: $3,200 - Cost of goods sold (inventory): $600 (4 months × $150) - Transportation/mileage for restocking - Any permits, licenses, or other startup costs **Net Loss:** Show the clear loss you're operating at The unemployment representative I spoke with said they see these all the time and they're really just checking that you're not hiding significant income. Since you're clearly operating at a loss, this should actually help demonstrate that your business isn't affecting your benefit eligibility. Keep it simple, honest, and well-organized - that's all they need!

I went through something very similar with my husband's hernia repair that insurance initially denied as "elective." What ultimately worked for us was getting both his primary care doctor and the surgeon to write detailed letters explaining how the condition was affecting his daily activities and long-term health risks. The key was having them document specific functional limitations - like difficulty lifting our toddler, discomfort during exercise, and the surgeon's assessment that without repair, the condition would likely worsen and potentially lead to more serious complications. We avoided any mention of cosmetic concerns and focused entirely on the medical necessity. We used our HSA funds for the $6,200 procedure and kept all documentation. It's been over a year now with no issues from the IRS. The most important thing I learned is that insurance denial doesn't automatically disqualify something from HSA use - they're using completely different standards for what's considered "medically necessary." I'd definitely recommend getting that Letter of Medical Necessity from both doctors before proceeding. Make sure they emphasize how the diastasis recti is affecting your husband's physical function and what risks exist if left untreated. That documentation will be your protection if any questions arise later.

I've been following this thread closely since I'm facing a similar decision with my own diastasis recti surgery. The advice about getting proper documentation has been incredibly valuable - I had no idea that IRS medical necessity standards were different from insurance standards. One thing I wanted to add based on my research: if you do decide to use HSA funds, make sure to save not just the medical documentation but also records showing you actually paid for the procedure with HSA funds. I've read that the IRS sometimes asks for proof that HSA withdrawals were actually used for the stated medical expense, not just that the expense was qualified. Also, for anyone else reading this thread, I found it helpful to document the timeline - when the condition was diagnosed, when conservative treatments were tried (if any), and when surgery became the recommended option. This creates a clear medical narrative that supports the necessity of the procedure. Thanks to everyone who shared their experiences. It's made me much more confident about moving forward with using our HSA for this procedure once I get the proper documentation from our doctors.

Just wanted to share that I did something similar with my wife - we used her 0% capital gains bracket by gifting her some of my appreciated stocks before selling. The key thing our accountant told us was to maintain a clear paper trail: 1. Document the gift with a simple gift letter 2. Actually transfer the shares to an account in her name (not joint) 3. Wait at least a few days (preferably longer) before selling 4. Keep records showing she received the proceeds The IRS looks at substance over form, so you need to show a real transfer happened. Don't just sell and then say "oh that was actually hers" after the fact.

This is a great strategy question! I went through something very similar with my spouse's student loans. One thing I learned that might help - if you're in a common law state, the timing of the gift transfer is really important for tax purposes. What worked for us was opening a new brokerage account in her name only, then doing an "in-kind" transfer of the specific lots with the lowest cost basis (highest gains) that we wanted to harvest. This created a clear paper trail and avoided any ambiguity about ownership. The key was doing this transfer well before the end of the tax year, then having her sell the shares from her own account. We also made sure to keep detailed records of which specific tax lots were transferred and when. One bonus tip: if you're doing this strategy, consider using tax-loss harvesting in your own account at the same time. Since you're filing separately, you can't offset her gains with your losses, but you can still reduce your own tax liability. Just make sure to watch out for wash sale rules if you're dealing with similar securities. The Roth conversion idea is solid too - sometimes it's easier to execute and you avoid all the transfer complexity. Good luck with the house purchase!