Your state filing requirements might be more urgent than the federal stuff tbh. What state are you in? Many states require you to file an amendment to your Articles of Organization within 30-90 days of an ownership change. Missing these deadlines can result in administrative dissolution of your LLC in some states.

Great thread everyone! As someone who went through a similar LLC partner buyout situation last year, I wanted to add a few practical tips that helped me navigate the process: First, don't underestimate the importance of getting your partnership agreement updated ASAP to reflect the new ownership percentages. This document will be crucial for your tax filings and any future business decisions. Second, consider whether you want to make the Section 754 election that was mentioned earlier. In our case, we consulted with a CPA who ran the numbers and showed us it would save about $3,000 annually in taxes due to higher depreciation deductions. The election has to be made with your return for the year of the buyout, so you can't go back and do it later. Finally, make sure you're clear on how to handle the departing partner's guaranteed payments (if any) and their share of partnership liabilities. These details can get messy if not properly documented during the buyout process. One more thing - keep detailed records of all payments made to the departing partner. The IRS may want to see proof that the payments were properly characterized (capital distribution vs. payment for services, etc.). This becomes especially important if the amounts are significant. Good luck with your filing! The partnership tax rules are complex but definitely manageable with proper planning.

One important thing nobody's mentioned - if you file on time but your return gets rejected after the deadline, make sure you keep proof of your original filing attempt! Screenshot the confirmation page showing you submitted before the deadline. This has saved me from penalties twice when dealing with rejections. The IRS system timestamps your submission attempt, not just the final acceptance.

Great question about payment timing! As others have mentioned, you should always make your payment by the filing deadline regardless of acceptance status. I learned this the hard way a few years ago when I waited for acceptance and ended up paying interest on late payments. One thing to add - if you're ever unsure about your exact tax liability close to the deadline, it's better to overpay slightly than underpay. The IRS will send you a refund for overpayments (though it takes time), but underpayments start accruing interest and penalties immediately after the deadline. Also, for future reference, you can make payments online through IRS Direct Pay or EFTPS even if your return hasn't been accepted yet. Just make sure to include your SSN and tax year so the payment gets properly credited to your account when your return is eventually processed. Glad your return got accepted! The 1095-A forms can definitely cause processing delays, especially when combined with dependent status questions.

I've been dealing with this same question! Filed in mid-February and have been checking my transcript obsessively too. From everything I've read here and my own research, it seems like the 846 code really is the definitive indicator. I found a helpful explanation that the 846 code isn't just a status update - it's literally the transaction code that authorizes the Treasury to release your refund. So while your bank might show a pending deposit at roughly the same time, the 846 code is what actually triggers that process. I'm still waiting for mine to appear, but reading everyone's experiences here has helped me understand that once I see that 846 with a date, I can finally stop the constant checking and know my refund is actually on the way! The consistency in everyone's stories about seeing the 846 first is pretty convincing evidence.

I'm a newer member here and this thread has been incredibly educational! I filed my return on February 15th and have definitely fallen into the same obsessive checking pattern everyone's describing. Reading through all these experiences, I'm really convinced now that the 846 code is the reliable indicator to watch for. What strikes me most is how consistent everyone's stories are - even when there might be slight timing differences between when banks show pending deposits versus when we can see transcript updates, the 846 code seems to always be the actual trigger. I'm still stuck at the 150 code myself, but at least now I know exactly what to look for and can maybe try to limit my checking to Friday mornings like some of you suggested. Thanks to everyone for sharing your real experiences and data points - it's so much more helpful than just speculation!

The timing of bonus deferrals is generally governed by your employer's compensation policies and IRS constructive receipt rules. Most employers can defer bonuses to the following calendar year as long as the deferral election is made before you have a legal right to receive the money (typically before the bonus is "earned" or becomes vested). However, there are some important considerations: the bonus usually needs to be deferred by December 31st to avoid being counted as current year income, and some employers have specific deadlines (like November 1st) for making deferral elections. The deferred compensation also needs to follow certain IRS rules to avoid immediate taxation. I'd recommend checking with your HR department about their specific bonus deferral policies and deadlines. Since you're expecting to be right around that $200k threshold, even deferring a small portion could save you that 0.9% additional Medicare tax on whatever amount would have pushed you over.

Great discussion everyone! Just wanted to add one more consideration for those close to the threshold - if you're expecting stock option exercises, RSU vests, or other equity compensation in 2024, those typically count as Medicare wages too and could push you over unexpectedly. I learned this the hard way when my company's stock price jumped and my RSU vesting put me way over the $200k threshold. The additional 0.9% Medicare tax applied to the full value of the vested shares, not just my regular salary. If you have any equity compensation coming up, make sure to factor that into your threshold calculations. Unlike bonuses, stock vests are usually harder to defer, so you might need to plan for the additional tax or consider other strategies like increasing estimated tax payments.

One thing I haven't seen mentioned yet that could be really helpful is checking with your state's archives or records department. Many states maintain construction industry reports and housing cost surveys from the 1980s that were created for economic development purposes. I recently helped my grandfather with a similar situation for his 1986 home, and we found that our state's Department of Commerce had published annual residential construction cost reports throughout the 1980s. These reports included average costs per square foot broken down by region, home type, and quality level - exactly what we needed to establish a defensible basis calculation. You might also want to check if any local universities have construction management or real estate programs. Sometimes their libraries maintain historical industry publications and cost data that could support your estimates. The professors in these departments can also be great resources since many have been in the field for decades and remember what construction costs were like in different eras. Another angle to consider is contacting your local Chamber of Commerce. They often keep records of major construction projects and building permits from past decades, especially for custom homes that were significant investments in the community at the time. All of this documentation helps create what the IRS calls a "reasonable reconstruction" of your basis - the key is showing you used multiple credible sources and applied a consistent methodology.

One more resource that's been invaluable in my experience is checking with your local mortgage brokers or real estate attorneys who were practicing in the late 1980s. They often maintained files with typical construction loan amounts and appraisal values from that era. I'd also strongly recommend creating a comprehensive spreadsheet documenting every source you've checked, the information obtained (or lack thereof), and how each piece of evidence supports your final basis calculation. This becomes your "basis reconstruction methodology" that you can present to your tax preparer or the IRS if questioned. Don't overlook the importance of documenting ANY improvements made over the years, no matter how small. That ceiling fan installed in 1992, the bathroom vanity replaced in 1999, even minor plumbing repairs - they all add to your basis. For items without receipts, use reasonable estimates based on what those improvements would have cost at the time they were made. The $1.35M sale price minus $420K estimated construction cost plus $30K land cost still leaves substantial capital gains, but with proper documentation of all improvements over 35+ years, you could potentially add another $100-200K to the basis. Combined with the capital gains exclusion if they qualify, their tax liability could be much more manageable than they're fearing. Keep meticulous records of your research process - the IRS respects taxpayers who make genuine efforts to comply with the law using reasonable methods when original documentation isn't available.