Has anyone here actually used Section 179 for a food truck specifically? I'm seeing mixed info online about whether food trucks qualify as "vehicles" or "equipment" for tax purposes. My tax software is confusing me!

As someone who's been through the food truck startup process, I'd strongly recommend getting everything in writing from the IRS or a qualified tax professional before making any major decisions. While Section 179 can be amazing for equipment purchases, there are some nuances that could trip you up. For example, if your food truck business shows a loss in the first year (which is common with startups), you might not be able to take the full Section 179 deduction immediately. Also, make sure you understand the difference between the truck itself and any equipment you add to it - some modifications might need to be depreciated separately. One thing that really helped me was keeping detailed records from day one. Not just receipts, but photos of the truck, documentation of any modifications for business use, and a clear business plan showing how the truck generates income. The IRS loves to see that you're running a legitimate business, not just trying to write off a vehicle purchase. Also consider talking to other food truck owners in your area about their experiences with deductions. Local regulations and permit costs can add up quickly and many of those are deductible business expenses too!

Has anyone used TurboTax to handle this scenario? I'm in the same boat (converted home to rental in July, bought new primary residence) and wondering if the software can handle all the allocations between Schedule A and Schedule E correctly.

Just want to add one more consideration that hasn't been mentioned yet - make sure you're tracking your expenses properly from day one of the rental conversion. Beyond just the mortgage interest, you can deduct things like repairs, maintenance, property management fees, advertising costs for finding tenants, and even mileage for trips to the rental property. I converted my primary residence to a rental three years ago and wish someone had told me to start keeping detailed records immediately. Things like receipts for minor repairs, documentation of time spent on property management activities, and photos of the property's condition can all be valuable come tax time. The mortgage interest deduction is just one piece of a much larger tax strategy for rental properties. Also, don't forget that you'll need to report all rental income, including security deposits if you don't return them. The good news is that most expenses related to maintaining and operating the rental can offset that income on Schedule E.

Yes, absolutely keep detailed records of your travel dates and physical presence! The IRS requires you to track every day you're outside the US for the Physical Presence Test. I recommend keeping a simple spreadsheet with entry/exit dates for each country, or use apps like TripIt that automatically log your location. For 2024 taxes, you're right that you likely won't qualify for FEIE since you only left in November. But here's something important - you can still claim the exclusion if you meet the test by your filing deadline (including extensions). So if you stay abroad continuously, you could potentially qualify by June 15, 2025 and elect the FEIE for your 2024 return. Also consider the Foreign Tax Credit (Form 1116) if you end up paying taxes to your new country of residence. Sometimes it's more beneficial than the FEIE, especially if you're in a high-tax country. You can't use both for the same income, but you can compare which gives you better tax savings.

Another option that hasn't been mentioned - if you can't get your W2 through any of the other methods, you can actually file your return using Form 4852 (Substitute for Form W-2). This lets you report your wages and withholdings based on your final paystub or other records you have. You'll need to include as much information as possible about your wages, federal income tax withheld, Social Security and Medicare taxes, etc. The IRS will match it against what your employer reported, and if there are discrepancies, they'll contact you. This should really be a last resort since it can delay processing and potentially trigger additional correspondence with the IRS. But if you're truly unable to get your W2 or wage transcripts before the filing deadline, it's better than not filing at all. Just make sure to keep detailed records of how you calculated the amounts you're reporting. Given that you have the automatic extension until June 15 as an expat, you probably have enough time to try the other methods first (contacting HR, getting IRS transcripts, etc.) before having to go this route.

I went through something similar with a large annuity withdrawal for home improvements. One thing that really helped was getting a complete history of all my contributions from the annuity provider - not just the recent statements, but going back to when I first opened it. The tax calculation gets complex because it's based on the ratio of your total contributions versus the account's current value. If you've been contributing for 12 years like you mentioned, a significant portion might indeed be return of principal that shouldn't be taxable. Also worth noting - if you're being pushed into a much higher tax bracket this year, consider if there are any ways to defer some other income to next year, or accelerate deductions into this tax year. Things like maximizing your 401k contributions, HSA contributions if eligible, or even charitable donations can help offset some of that income spike. The 20% withholding they took might actually work in your favor come tax time if it turns out you don't owe as much as initially calculated.

I had a similar situation last year with an annuity withdrawal for my home purchase. One thing that really saved me was requesting what's called a "basis statement" from my annuity provider - this document shows your exact cost basis (total contributions) versus the account's current value. For non-qualified annuities, the IRS uses something called the "exclusion ratio" to determine what portion of each withdrawal is taxable. If you've been contributing for 12 years, there's a good chance a significant portion represents return of your original after-tax contributions, which shouldn't be taxed again. The key is making sure your 1099-R reflects the correct taxable amount. Many providers default to reporting the entire withdrawal as taxable, but that's often incorrect for long-term annuities. I had to work with my provider to get a corrected 1099-R that properly separated the taxable earnings from the non-taxable principal. Also, don't forget about the first-time homebuyer credit and all the deductions you can claim for closing costs, points, and mortgage interest to help offset some of that income spike this year.

I've spent the past 6 years working in tax resolution, and here's my detailed advice for getting back into your account: • First, try the simple fix: clear cookies/cache and try a different browser • If that fails, you need to go through ID verification again, but there are tricks • Create a new account using a different email address than before • Have these items ready: SSN, DOB, filing status, mailing address from last return, mobile phone, email, credit card or loan account #, and either drivers license, passport, or state ID • If the online verification fails (which happens often), request a verification letter be mailed to you • While waiting, call the IRS ID Verify department at 800-830-5084 (they're usually less busy than main lines) • When speaking with an agent, ask specifically if there's a "security profile issue" with your account - this is often the real problem • If all else fails, request transcripts by mail using Form 4506-T Hope this helps!

I had this exact same issue a few weeks ago! Super frustrating when you need your transcript urgently. What worked for me was actually a combination of things - first I cleared all my browser data (cookies, cache, everything), then I tried accessing the site at like 6 AM when their servers aren't as loaded. When I still got the authorization error, I ended up going through the full ID verification process again which was annoying but only took about 15 minutes. The key is having all your documents ready beforehand - SSN, last year's AGI, a credit card or bank account number for verification, and your phone for the text code. Once I got back in, I made sure to bookmark the direct transcript page and log in monthly now so it doesn't happen again. Good luck with your mortgage application!