Has anyone here actually received the credit yet on their 2024 return? I bought a Chevy Bolt EUV last summer but my tax preparer is saying the credit rules changed mid-year and now I might only get partial credit? So confusing!!

This thread has been super helpful! I've been going back and forth on whether to get a regular hybrid or PHEV and now I understand the difference for tax purposes. One thing I'd add - make sure to check your state incentives too! Some states have additional rebates for EVs and PHEVs that stack with the federal credit. California, for example, has the Clean Vehicle Rebate Project that can give you another $1,000-$7,000 depending on your income and the vehicle. Also, if you're considering financing vs paying cash, remember that you need to have at least $7,500 in tax liability to get the full federal credit. If you only owe $3,000 in taxes, you'd only get $3,000 credit (it's non-refundable). Something to factor into your decision!

One thing that hasn't been mentioned yet - if you do qualify for the partial exclusion due to work relocation, make sure you understand how the calculation actually works. The partial exclusion is calculated as: (months you lived in the home / 24 months) × full exclusion amount. So if you've lived there 8 months and are single, you'd get 8/24 × $250,000 = about $83,333 in excluded gains. Given your potential $45k gain, you'd likely owe zero capital gains tax if the work relocation qualifies. Also, don't forget that your basis isn't just the $480k purchase price - you can add closing costs from when you bought, any qualifying home improvements, and selling expenses (realtor fees, title insurance, etc.) to reduce your taxable gain even further. Keep all those receipts!

I went through something very similar about 6 months ago when my employer relocated our entire department. The 50-mile rule that Lia mentioned is key - make sure you measure the distance from your current home to both your old and new work locations to confirm you qualify. One thing I wish I had known earlier: if your company is paying for any relocation expenses, make sure you understand how that affects your taxes. Some employer-paid moving expenses might be taxable income to you now (the rules changed in recent years), but that's separate from the house sale capital gains issue. Also, start gathering your documentation now even if the transfer isn't finalized yet. I had to scramble to find emails and official transfer notices when it came time to file. Having everything organized early made the whole process much smoother with my tax preparer. Given your 8 months of ownership and potential $45k gain, you should be in good shape tax-wise if the work relocation qualifies for the partial exclusion!

I completely understand your frustration - this exact situation happened to me last year! That "no record of processed return" letter is actually pretty standard when returns get stuck in processing limbo, so try not to panic too much. Since you're at 7+ weeks now, you're definitely beyond normal processing times and have every right to get answers. Here's what I'd recommend doing in order: 1. Call H&R Block first to verify there wasn't a transmission error on their end. Sometimes returns show "accepted" but don't actually make it through their system properly. 2. If H&R Block confirms everything went through correctly, then it's time to call the IRS. The best time to call is right at 7 AM when they open - you'll have much better odds of getting through. 3. When you do reach an agent, they'll be able to see exactly what's happening with your return. It could be something simple like a W-2 mismatch or your return might have been selected for routine review. The good news is that "accepted" really does mean the IRS has your return - it's just sitting in a queue somewhere waiting to be processed. I know the waiting is awful, but you're not alone in this. The IRS is dealing with massive backlogs this year and processing times are way longer than usual. Hang in there - once you get an agent who can actually look at your account, you should get real answers about what's causing the delay!

I've been following this thread and wanted to share my experience since I just went through something very similar! Filed in early March, got the acceptance confirmation, then radio silence for weeks with that same "no record of processed return" message. What finally worked for me was a combination of the advice I'm seeing here. First, I called my tax preparer (FreeTaxUSA) and they confirmed the transmission was successful on their end. Then I tried calling the IRS for days with no luck getting through. Eventually I broke down and used one of those callback services that several people mentioned - got connected to an actual IRS agent within an hour. Turns out my return was flagged because one of my employers had submitted a corrected W-2 after I filed, creating a mismatch in their system. The agent was able to see this immediately and released my return right there on the call. The whole thing was resolved within a week after that phone call, and I got my refund about 10 days later. The key was actually talking to someone who could look at my specific case rather than just waiting and wondering. @Madison Tipne - since you're already at 7+ weeks, I'd definitely recommend being proactive about calling rather than waiting much longer. That verification letter you got is actually pretty normal when returns are stuck, but you deserve to know exactly what's causing the delay at this point!

I'm a landlord and I always tell my tenants to just write checks to each other for their portion, then one person pays me the full amount. No digital trail, no 1099-K headaches. Old school but effective!

As someone who works in tax preparation, I can confirm that personal transfers between roommates for shared expenses like rent are not considered taxable income. The 1099-K reporting threshold is meant to catch unreported business income, not legitimate cost-sharing arrangements. However, I'd recommend keeping good documentation just in case. Save your lease agreement, rent receipts to your landlord, and a simple log showing the connection between your roommate transfers and actual rent payments. This creates a clear paper trail showing these are reimbursements, not income. The check suggestion from Mae is actually really smart - it completely sidesteps the digital reporting requirements while still being traceable if needed. Plus many banks now let you deposit checks by taking a photo, so it's not as inconvenient as it used to be. Don't stress too much about this. The IRS is primarily looking for people who receive significant payments for goods/services and don't report that income. Your rent-splitting arrangement is clearly documented and legitimate.

Watch out for state tax issues too with your LLC sale! Federal is only part of it. Some states treat these sales differently and you might face surprising state tax bills. I sold my LLC in California and got hammered with state taxes I hadn't planned for because my accountant only focused on federal. Double check your state's treatment of goodwill and intangible assets before finalizing anything.

This is such a complex area that really deserves careful planning. One thing I'd add to the excellent advice already given - make sure you get a professional business valuation done before finalizing your sale structure. This isn't just helpful for negotiations, but it's crucial documentation if the IRS ever questions your asset allocation on Form 8594. A formal appraisal can help support the value you're assigning to goodwill versus tangible assets, which directly impacts whether you're paying capital gains or ordinary income rates. The cost of a good business appraiser (usually $3k-8k depending on complexity) is often a fraction of what you could save in taxes with proper allocation. Also, timing matters more than people realize. If you're close to a year-end, consider whether pushing the sale into the next tax year might help with your overall tax situation, especially if you have other capital gains or losses to consider. The interplay between federal and state taxes that others mentioned is real - I've seen people save five figures just by timing their sale strategically.