Has anyone mentioned Form 4797? You'll need to fill this out when reporting the sale. Part of your gain might be subject to depreciation recapture at ordinary income tax rates, while another portion might qualify for capital gains treatment. TurboTax should walk you through this, but it needs those basis figures first.

I went through this exact same situation last year with my contractor van! The key thing to remember is that you need to look at ALL your past tax returns to add up the total depreciation you've claimed over the years. For your "Basis for gain/loss" - take your original $15,000 cost and subtract every penny of depreciation you've claimed on that van since you bought it. If you claimed $10,000 total in depreciation over those 6-7 years, your basis would be $5,000. For the "AMT Basis" - this is trickier because AMT uses different depreciation schedules (usually slower depreciation), so your AMT basis will likely be higher than your regular basis. One tip: since you used it 95% for business, make sure you're only entering the business portion when TurboTax asks. The personal use portion (5%) gets handled separately. Don't stress too much about audit flags - as long as you're reporting the sale and have reasonable documentation of your depreciation over the years, you should be fine. The IRS expects business vehicles to be sold eventually!

I verified my Michigan state return on March 5th and received my refund on March 20th - so 15 days exactly. I did the online verification through michigan.gov/mytaxes where they asked questions about my previous addresses and some account information. The process was pretty straightforward and took about 10 minutes. What I found helpful was checking the status every few days rather than obsessing over it daily. The website updates are pretty reliable, and once it switched to "refund issued" the money was in my account within 1-2 business days. Based on what I'm seeing here, it looks like most people are getting their refunds within 2-3 weeks after verification, which is consistent with what Michigan Treasury advertises. I'd plan for 3 weeks to be safe, but you'll likely see it sooner.

I verified my Michigan state return on February 28th and received my refund on March 17th - so about 17 days total. I went through the online verification process at michigan.gov/mytaxes where they asked me questions about previous addresses and some financial account details. The verification itself was quick, maybe 8-10 minutes, but then came the waiting period. I found it helpful to check the status about twice a week rather than daily - saved me from getting too anxious about it. The website is pretty good about updating status, and once it showed "refund issued" the direct deposit hit my account the next business day. From what I'm seeing in this thread, most people are getting their refunds within the 2-4 week window that Michigan Treasury promises, which is reassuring. I'd definitely budget for the full 3-4 weeks just to be safe, especially since we're now in the busy part of tax season and processing times might be a bit longer.

Been through this twice unfortunately. First time I didn't bring all the right documents and had to come back. Make sure you have: original Social Security card (not a copy!), valid government-issued photo ID, and the CP01H notice they sent you. Also check if your local office does appointments - some are appointment-only now. The verification itself is quick but yeah, the wait times can be brutal. Hang in there!

I just went through this process last month and can share some tips! The wait time really depends on which office you go to and what time you arrive. I went to the one in downtown and waited about 3 hours, but my friend went to a suburban location and was done in under an hour. Definitely schedule an appointment if possible - some offices are by appointment only now. Also, bring snacks and entertainment because you'll be there a while. The actual verification process is super quick (maybe 10 minutes), they just check your documents and ask you to confirm some info. Once it's done, they give you a confirmation letter - keep that safe! My refund processed about 6 weeks later. You've got this! 💪

I went through this exact situation two years ago when I got married to my husband who was still in the UK waiting for his green card. Here's what I learned from experience: You absolutely cannot e-file with "NRA" in the SSN field - every tax software I tried (TurboTax, H&R Block, FreeTaxUSA) rejected it immediately. The IRS e-filing system requires a valid 9-digit identifier. My recommendation is to go the ITIN route if you plan to file jointly in future years or if your spouse will be coming to the US soon. Yes, it takes 8-10 weeks to get the ITIN, but it's worth it for the convenience of e-filing. You'll need to submit Form W-7 along with your tax return and original or certified copies of your spouse's identification documents. If you need to file immediately and don't want to wait for an ITIN, paper filing with "NRA" written in the spouse SSN field is perfectly acceptable. I did this my first year and had no issues - just make sure to clearly write "NRA" and don't leave it blank. One tip: if you do decide to get an ITIN, consider using a Certified Acceptance Agent (CAA) who can verify your spouse's documents instead of mailing originals to the IRS. It's safer and often faster.

I just went through this exact situation last month! My husband is from Germany and we got married in December, so I had to figure out the MFS filing with a non-resident alien spouse for the first time. After reading all the conflicting advice online, I ended up calling the IRS directly (took forever to get through) and they confirmed that you cannot e-file with "NRA" in the SSN field. The electronic system will automatically reject it every single time. I decided to go ahead and apply for an ITIN for my husband using Form W-7. Even though he has no US income, I figured it would be worth it for future years when he moves here and we want to file jointly. I used a Certified Acceptance Agent at a local H&R Block office - cost me $75 but it was so much better than mailing his original German passport internationally. For this year, I ended up paper filing my MFS return with "NRA" clearly written in the spouse SSN field. The return was processed without any issues and I got my refund about 6 weeks later. The ITIN took about 10 weeks to arrive, so next year I'll be able to e-file no problem. My advice: if your spouse will be coming to the US within the next year or two, definitely get the ITIN. It's a one-time hassle that makes everything easier going forward. If she's going to be abroad for several more years, paper filing with "NRA" works just fine and saves you the ITIN application process.

One thing to keep in mind is that you can't actually "choose" which mortgage to claim - if both properties qualify as your primary residence and second home, you're entitled to deduct the interest on both mortgages up to the applicable limits. You can't selectively ignore one to maximize the other. What you CAN do is make sure you're maximizing the deductible portions within the rules. Since your first mortgage ($550k) is grandfathered under the old $1M limit, you can deduct all the interest on that. For your new $1.3M mortgage, you'd be able to deduct interest on $750k of that loan amount. The key is making sure your total itemized deductions (including both mortgage interests, state taxes, charitable donations, etc.) exceed the standard deduction to make itemizing worthwhile. With mortgages totaling $1.85M, you'll likely have substantial interest payments that would justify itemizing.

Just to add one important consideration that hasn't been mentioned yet - make sure you understand the order of payments if you end up with a mortgage over the deduction limit. For your new $1.3M mortgage where only $750k qualifies for deductions, the IRS treats the deductible portion as being paid first throughout the year. So if you pay $91,000 in interest on that 7% mortgage ($1.3M × 7%), you'd be able to deduct interest on the first $750k of principal, which would be about $52,500 ($750k × 7%). The remaining $38,500 in interest payments wouldn't be deductible. Also, double-check that both properties will actually qualify as residences under IRS rules. The second home needs to have basic living accommodations (sleeping, cooking, and toilet facilities) and you need to use it personally for more than 14 days per year or 10% of the days it's rented out, whichever is greater. Since you mentioned using it 3 months per year, you should be fine on that front.