As a newcomer to this community and investing in general, I want to echo what others have said about checking your brokerage account thoroughly! I just went through this exact situation last month. I had been holding some index funds for about 18 months and assumed since I never sold anything, there was nothing to report. But after reading similar discussions online, I logged into my Vanguard account and discovered I had received over $200 in dividends that were automatically reinvested throughout the year. The tricky part was that these dividends showed up in different places depending on the investment type. My total stock market index fund dividends appeared in one section, while dividends from an international fund appeared separately. I had to look at both the "Transaction History" and the "Tax Center" to get the complete picture. For anyone in a similar situation - don't just look for a single 1099-DIV form. Some brokerages break them down by fund or account type, so you might have multiple forms. Also, the dividend amounts might seem small individually (like $15-30 per quarter), but they definitely add up over the course of a year and need to be reported as income. The good news is that once you know what to look for, it becomes much easier to track going forward. I've now set up email alerts for all dividend payments so I don't miss anything for next year's filing!

As a newcomer to both investing and this community, I want to add my recent experience that might help others in similar situations. I've been holding a small portfolio of individual stocks and ETFs for about 2 years through TD Ameritrade, and like many others here, I assumed "no selling = nothing to report." After reading through this incredibly helpful thread, I immediately logged into my account to check. What I discovered was eye-opening: I had dividend payments from 4 different stocks that I completely missed! The payments were small (ranging from $3 to $45 per payment), but spread across the year they totaled nearly $150. The confusing part for me was that TD Ameritrade's interface shows these payments in multiple places. Some appeared under "Transaction History" as "Cash Dividend," others under "Corporate Actions," and the reinvested ones were listed as "Dividend Reinvestment." I had to search through different sections to find everything. What really helped was using the search function in my transaction history with terms like "dividend," "DIV," and "reinvest." This pulled up transactions I never would have noticed just scrolling through months of data. For other newcomers: don't be overwhelmed by the complexity everyone's describing. Start simple - just log into your brokerage account, search your transaction history for "dividend," and see what comes up. Even if the amounts seem tiny, they add up and need to be reported. This community's advice about checking the tax documents section is spot-on too - my 1099-DIV was sitting there waiting for me the whole time! Thanks to everyone sharing their experiences here - you've probably saved me from an IRS notice down the road!

Don't forget you can also deduct equipment you buy for the team if it's not reimb

Great question! I've been in a similar situation volunteering with youth basketball. One thing that really helped me was keeping a detailed log from day one - not just mileage, but also dates, times, and purposes of each trip. The IRS can be pretty strict about documentation for volunteer deductions. Also worth noting that if you use your personal vehicle for volunteer work, make sure you're not double-dipping by claiming both the charitable mileage rate AND actual gas expenses - it's one or the other. The standard rate often works out better anyway since it covers wear and tear on your vehicle too. Have you checked if your league provides any documentation at year-end? Some organizations will send volunteers a summary letter acknowledging their service and expenses, which can be helpful for your records.

I've been wrestling with this exact same question! After reading through all these responses, I think I'm leaning toward online versions now. The point about frequent security updates really resonates with me - I'll admit I'm not great about manually updating software on my computer, so having that happen automatically in the cloud seems safer. One thing that's helping me feel better about the security aspect is that these companies are handling millions of tax returns, so they have a huge incentive to keep their systems secure. A data breach would literally destroy their business overnight. Meanwhile, my home computer security is only as good as my own tech skills, which honestly aren't that impressive. The convenience factor is also huge - being able to access my returns from anywhere and having automatic backups means I don't have to worry about losing everything if my computer crashes. Thanks everyone for the thoughtful discussion - this has been really helpful in making my decision!

I've been going back and forth on this same decision for years! What finally pushed me toward online versions was realizing that the downloaded software still requires internet connection for e-filing, updates, and often for importing bank/investment data anyway. So you're not really staying "offline" even with the desktop version. The security argument that convinced me was this: when I use downloaded software, I'm essentially betting that my home computer security is better than what TurboTax or H&R Block can provide with their enterprise-grade systems. Given that I sometimes forget to update my antivirus and probably click on things I shouldn't, that's not a bet I'm comfortable making with my tax data. For complex returns like yours with capital gains, the online versions also tend to handle import errors better since they can cross-reference with updated databases in real-time rather than waiting for the next software patch. I had a nightmare experience two years ago where my downloaded software miscategorized some stock transactions and I didn't catch it until after filing. The convenience factor is just a bonus - being able to work on my return from my laptop, tablet, or even my phone when I remember something while I'm out has been really helpful. Just make sure whatever you choose has good two-factor authentication!

Stupid question maybe, but what exactly is backup withholding and how much do they take? I think I might have this issue too but never understood what it actually means.

Just wanted to add that timing is really important with B notices. The IRS gives banks specific instructions about when to start backup withholding, and while some banks are lenient (like in your case), others are very strict about the deadlines. Since you mentioned wanting to open a high-yield savings account soon, I'd recommend getting this fully resolved before you apply. Some banks will actually check if you have any outstanding B notice issues when you open new accounts, and having an unresolved notice could complicate the process. Also, make sure when you fill out the W9 that you include a brief note explaining that the SSN was corrected in your account on [date] and that you're responding to ensure proper tax reporting. This gives the bank's tax department context about why there was a delay in your response.

This thread has been incredibly helpful! I'm dealing with a similar situation with a work truck I've depreciated for 8 years. One thing I wanted to add that might help others - if you're converting to personal use but still plan to use the vehicle occasionally for business (like picking up materials for side jobs), you need to be very careful about how you handle this. The IRS doesn't allow you to have it both ways - once you convert to personal use, any future business use creates a whole different set of rules and potential complications. I learned this the hard way when I tried to deduct mileage for a small job after converting my truck. My accountant had to walk me through the mess it created. If you think you might still need the vehicle for any business purposes, even occasionally, you might want to consider keeping it as a business asset and just tracking personal use instead. The tax treatment can actually be more favorable in some cases, especially if your business use drops significantly but doesn't go to zero. Just something to think about before making the conversion official. The depreciation recapture might not be your biggest concern if you end up needing business use flexibility later.

This is exactly the situation I've been dreading dealing with! I have a contractor van that I've been depreciating for about 6 years, and I'm finally ready to bite the bullet and figure out the conversion process. Reading through all these experiences has been so helpful - especially the points about business modifications affecting FMV and the importance of timing. My van has ladder racks, commercial shelving, and heavy-duty floor protection that would definitely need to be factored into any personal use valuation. One question I haven't seen addressed yet: how do you handle partial year depreciation in the year of conversion? If I convert mid-year, do I need to take depreciation for the business use portion of the year up until the conversion date? And does that affect the basis calculation for determining recapture? Also, for those who used multiple FMV sources, did you average them or use the most conservative estimate? I'm trying to figure out the best approach to avoid any issues while still being fair about the actual value. Thanks to everyone who has shared their experiences - this thread has given me the confidence to finally tackle this instead of putting it off another year!