I just went through this exact situation with H&R Block three months ago, and I want to share what finally worked for me after weeks of frustration. The combination approach mentioned by others here is definitely the way to go. What made the biggest difference in my case was getting that technical analysis from taxr.ai first - it gave me specific ammunition to point to rather than just general complaints. The report clearly showed they had missed my home office deduction and incorrectly calculated my self-employment tax, which gave me concrete evidence of professional negligence. Here's my recommended timeline based on what worked: - Day 1: Get your tax analysis done and document all their specific errors - Day 2-3: Call H&R Block (use Claimyr to skip the hold nightmare) and get a case number - Day 4: Send certified letters to corporate headquarters AND file BBB complaint - Week 2: File complaint with state AG if no meaningful response - Week 3: Contact local news if they're still stonewalling The key phrase that got their attention was when I said "I have documentation of multiple preparation errors that constitute professional negligence, and I'm seeking full compensation for consequential damages." Suddenly they were taking me very seriously. They ended up covering my $340 in IRS penalties, refunding my prep fees, and having a CPA redo my entire return at no charge. Don't let them off the hook with just an apology - demand full compensation for the mess they created!

This thread has been incredibly valuable! As someone currently dealing with H&R Block errors (they somehow managed to file me as "married filing separately" when I'm single), I'm taking notes on everyone's strategies. One additional tip I'd add: if you paid by credit card, consider disputing the charge with your credit card company while you're pursuing other complaint channels. Under the Fair Credit Billing Act, you can dispute charges for services that weren't performed satisfactorily. I filed a dispute with my Visa card explaining that H&R Block's preparation was defective, and having that additional pressure point really got their attention. The credit card company temporarily credited my account while they investigated, which gave H&R Block extra incentive to resolve the issue quickly rather than risk losing the chargeback dispute. They ended up settling with me directly within 10 days to avoid the chargeback going through. Just make sure to dispute within 60 days of your statement date, and document everything for the credit card company just like you would for the other complaint channels. It's another tool in your arsenal that costs nothing to use!

Don't forget about appreciation! If you're still relatively young, consider that the assets you're planning to leave might grow significantly. $60M could become $100M+ over 10-20 years. Since the exemption amounts are likely to grow much more slowly (if at all), you might want to do some lifetime gifting to lock in today's exemptions. Even if you don't transfer the full amount now, moving appreciating assets out of your estate earlier can save a fortune in taxes. My parents did this with some startup stock that ended up growing 15x. By putting it in trusts for the grandkids early, they avoided millions in estate and GST taxes that would have been due if they'd waited.

This is such a helpful discussion! I'm dealing with similar estate planning questions and the interaction between these exemptions has been keeping me up at night. One thing I'd add is the importance of timing with the current exemption amounts. The current high exemptions ($12.92M per person in 2023) are set to sunset after 2025, potentially dropping back to around $6-7M per person. For estates like yours, this creates a real urgency to lock in planning strategies now. If you wait until after 2025, you might lose half of your combined exemption capacity. Even if Congress extends the higher exemptions, there's no guarantee. This is why so many high-net-worth families are accelerating their estate planning right now. Have you considered doing some lifetime gifting to your granddaughter now to use up your current exemptions while they're still available? You could potentially save millions in future taxes by acting before the exemptions potentially decrease. Just something to discuss with your estate attorney - the time value of using these exemptions now versus waiting could be enormous.

I actually just went through this exact same situation about 6 months ago with my consulting LLC. Had a company car that I needed to convert to personal use after my personal vehicle died. A few things that really helped me beyond what others have mentioned: **Timing matters for tax planning**: I did the transfer in December to give myself time to save up for the depreciation recapture hit that came with my tax filing. If you can time it right, you might be able to spread some of the tax impact. **Get multiple valuations**: Don't rely on just KBB or one source. I used KBB, Edmunds, and even got a quick appraisal from a local dealer. Having multiple sources showing similar values really strengthens your position if the IRS ever questions the fair market value. **Consider the business mileage tracking carefully**: Since you'll be going from 100% business use to mixed use, make sure you have a solid system in place. I use MileIQ now and it's been a lifesaver for keeping accurate records. The IRS is pretty strict about mileage logs needing to be contemporaneous. One unexpected benefit - having the vehicle personally owned made it much easier when I needed to use it for a family road trip without worrying about business vs personal use complications. The whole process was way less scary than I thought it would be. Just make sure you dot all the i's and cross all the t's on the documentation side.

Just wanted to add my experience as someone who's been through multiple asset transfers between my business and personal use. One thing that really caught me off guard was the potential state-level complications beyond just the DMV issues others mentioned. In my case (Michigan), I discovered that transferring the vehicle from LLC to personal ownership actually triggered a "use tax" obligation that was separate from the sales tax at the DMV. The state considered it a taxable transaction for use tax purposes even though no money technically changed hands between separate parties. Also, if your LLC has been claiming the vehicle as a business asset for property tax purposes, you'll need to notify your local assessor about the change in ownership status. In some municipalities, this can affect your business property tax assessment for the following year. One more consideration - if you've been using the vehicle for any business financing or as collateral, make sure to check with your lender about notification requirements. Some business loans have clauses about disposing of major assets that could technically be triggered by this type of transfer. The good news is that none of these issues were deal-breakers, just additional paperwork and small fees. But it's better to know about them upfront rather than getting surprised later. Your tax professional should be able to help you navigate the state-specific requirements in your area.

I went through this exact same situation two years ago with my business pickup truck and wanted to share some additional insights that might help. The math everyone has explained is absolutely correct, but there's one thing to double-check that could potentially help your situation: make sure you're including ALL costs in your original basis calculation. This includes not just the purchase price, but also sales tax, title fees, registration fees, and any immediate repairs or modifications you made when you first bought the vehicle for business use. For example, if you paid $1,200 in sales tax and $150 in title/registration fees when you bought the truck, your original basis would be $25,850 instead of $24,500. The business portion would then be $2,585 instead of $2,450, which could reduce your taxable gain slightly. Also, if you had any major repairs or improvements during the ownership period that extended the vehicle's life or increased its value, these might also be added to your basis (though routine maintenance cannot be). It won't eliminate the gain entirely, but every little bit helps when you're already taking a cash loss on the transaction. And definitely keep this experience in mind for future business vehicle purchases - the tax implications of mixed-use vehicles can be quite complex!

I'm a tax preparer and see this confusion all the time with mixed-use business vehicles. Everyone's math here is correct, but I wanted to add one important point that might help with future planning. If you're regularly using vehicles for business and plan to sell them, consider whether the actual expense method might work better for you than the standard mileage rate. With actual expenses, you have more control over your depreciation deductions and can potentially time them better relative to when you plan to sell. For example, if you know you'll be selling a vehicle in a few years, you might choose to take smaller depreciation deductions in the later years to avoid this exact situation where your adjusted basis drops too low. With the standard mileage rate, you're locked into the IRS's predetermined depreciation component each year. Also, just to confirm what others have said - make absolutely sure FreeTaxUSA has you completing Form 4797 Part III for this transaction. The vehicle expense section of Schedule C is NOT the right place for reporting the sale of a business asset. The sale should be reported separately as a disposition of business property. One last tip: if you have any other business equipment sales or dispositions this year, they can all be reported on the same Form 4797, and losses on other business property might help offset this gain.

As someone who's been through the K-1 maze multiple times, here's my practical advice: Start with TurboTax Premier or similar software first - it can handle most K-1 situations just fine. The software will walk you through each box and schedule. However, given that you got "crushed" on taxes last year and this is new territory, I'd strongly recommend at least a consultation with a CPA for this first year. They can review your K-1 when it arrives, ensure those monthly deposits are adequate, and most importantly - set up a tax strategy going forward so you don't get surprised again. One thing to watch: K-1s often arrive late (sometimes as late as mid-March), which can delay your filing. Also, make sure you understand whether your partnership income is subject to self-employment tax - this varies depending on your role and the type of partnership. The monthly deposits are a good sign that your employer is thinking ahead, but definitely verify they're being made correctly under your SSN and covering both federal and state obligations if applicable.

One thing I'd add to the excellent advice already given - make sure you keep detailed records of those monthly $750 deposits your employer is making. You'll need to track these as estimated tax payments when you file. Also, ask your employer for documentation showing exactly how they calculated that $750 amount. They should be able to show you the math based on your expected K-1 income. This will help you (or a CPA) verify whether it's adequate coverage. I learned the hard way that some employers are overly conservative with these deposits, while others underestimate. Getting the calculation details upfront can save you from either overpaying throughout the year or facing a big surprise bill in April. And definitely get that K-1 reviewed by a professional this first year - the learning curve is worth the investment, especially since you mentioned getting hit hard on taxes before. A CPA can also help you plan for next year so you're not flying blind again.