Just wanted to add - I'm a dental practice consultant, and this situation is actually pretty common. One thing to watch for: if you purchased any specialized dental equipment for the practice that you're taking to the new location, make sure you document the transfer carefully. The IRS might consider this a "sale" from one business to another, which could trigger depreciation recapture if not handled correctly. Your new business would likely need to purchase these assets at fair market value from the old business. Also, don't forget about any security deposits for office space, insurance premiums, etc. Some of these might be partially refundable, which would offset some of your losses.

I went through a similar situation when I had to dissolve my consulting LLC before it generated any revenue. One thing that really helped was keeping detailed records of everything - not just receipts, but also documentation showing the business purpose of each expense and dates when they were incurred. For the IRS filing, since you elected S-corp status, you're absolutely required to file that final 1120-S even with zero income. The IRS computer system is expecting that return based on your election. Miss it and you could face penalties. Regarding your startup expenses, the good news is that dental practice expenses from one location can generally be carried over to another dental practice since it's the same line of business. The key is proper documentation and making sure your new Colorado practice is set up to properly inherit these costs. One tip: consider whether any of your equipment purchases might qualify as assets that can be directly transferred rather than treated as startup costs. Things like dental chairs, computers, or other equipment might be handled differently for tax purposes than purely startup expenses like licensing fees.

One more thing to consider - if you make over a certain amount from your contractor work (I think it's around $1,000), you'll need to file Schedule C along with your tax return. This is where you report business income and expenses. You'll also fill out Schedule SE for self-employment tax. Start keeping track of ALL business-related expenses now if you haven't already! Mileage for business travel (not commuting), home office if applicable, portion of internet/phone, software subscriptions, office supplies, professional development, etc. These can significantly reduce your taxable income.

This thread has been incredibly helpful! As someone who just started contracting this year too, I want to add one thing that caught me off guard - make sure you're tracking your business expenses from DAY ONE, not just when tax season approaches. I learned this the hard way when I realized I had forgotten to save receipts for legitimate business expenses like software subscriptions, equipment purchases, and even parking fees for client meetings. The IRS requires documentation for deductions, so having a system in place early (even something as simple as a dedicated folder or app) can save you hundreds or thousands in missed deductions. Also, don't forget about the home office deduction if you work from home regularly and exclusively use a space for business. You can either use the simplified method ($5 per square foot up to 300 sq ft) or calculate actual expenses. Even if it's just a corner of your bedroom that you use only for work, it might qualify! One last tip: consider making estimated payments for 2025 even if you're not required to. It helps with cash flow management and prevents that massive tax bill shock next April. You can always adjust the amounts throughout the year if your income changes.

Just wanted to chime in as someone who went through a similar situation last year. You're definitely doing the right thing by reporting this - I made the mistake of initially thinking I could "wait and see" if the IRS noticed, but after doing more research I realized that was a terrible idea. One thing I learned that might help you: even though you didn't get a W-2G from DraftKings, they likely have detailed records of your account activity that could be shared with the IRS if requested. Online gambling platforms are subject to various reporting requirements, especially for accounts with significant activity like yours. I'd also recommend keeping a spreadsheet or log of all your gambling activities going forward - dates, sites, amounts wagered, wins/losses, etc. It makes tax time so much easier and gives you solid documentation if you ever face questions from the IRS. For this year's filing, definitely report the full $24k net profit on Schedule 1. Whether itemizing to deduct your losses makes sense depends on your other deductions, but at least you'll have reported the income correctly. Good luck with everything!

I went through almost exactly the same situation with online poker winnings a couple years ago - won big but no tax forms from the site. Here's what I learned after consulting with a tax professional: You absolutely need to report the full $24,000 net gambling income on Schedule 1 as "Other Income" regardless of not receiving a W-2G. The threshold for casinos to issue W-2G forms is much higher for online platforms, but your reporting obligation starts at $1. For documentation, download and save your complete account history from DraftKings before the end of the tax year - sometimes these records become harder to access later. Also save screenshots of your year-end summary showing total deposits, withdrawals, and net position. One thing that surprised me: my tax preparer explained that large gambling winnings often trigger "lifestyle audits" where the IRS looks at your overall financial picture. They want to see that your reported income can support your spending patterns. So if you made any large purchases or deposits that year, make sure your total reported income (including the gambling winnings) aligns with your bank activity. The penalties for not reporting can be severe - not just the taxes owed but potential fraud charges if they determine it was intentional. With $24k in winnings, you're definitely in territory where the IRS would take notice if they discovered unreported income later.

This situation totally sucks, but there's one workaround nobody's mentioned yet. If one spouse qualifies as a "real estate professional" (750+ hours working on real estate activities + more time than spent on any other job), then the rental properties aren't considered passive activities anymore. This means the $25,000 allowance and the MAGI limitations don't even apply - you could deduct ALL the losses against your regular income. But the catch is you need to materially participate in the rental activities and document everything meticulously. My accountant had me start keeping a detailed log of every hour I spend on property management, repairs, research, etc. It's not easy to qualify, but if one of you is already spending significant time managing your rentals, it might be worth exploring.

Has anyone successfully "grouped" their rental properties as a single activity under Reg. 1.469-4? I was reading that this might help with the material participation requirements if you're trying to qualify as a real estate professional.

I went through this exact same frustrating experience last year and want to share what finally worked for me. After waiting 4 months for a refund that never came, I filed Form 3911 and got my money within 6 weeks. Here's my step-by-step process that worked: 1. **Find the correct mailing address** - Don't use a generic IRS address. Go to IRS.gov and look up the specific processing center for your state. For joint filers, this is absolutely critical. 2. **Fill out Section I completely** - Make sure every detail matches your original return EXACTLY, including the refund amount down to the cent from line 35a of your 1040. 3. **Both signatures required** - Since you filed jointly, both you and your husband must sign in Section III. This is where many people get delayed. 4. **Use certified mail with return receipt** - Cost me about $8 but gave me peace of mind. You can track delivery online and have proof the IRS received it. 5. **Keep copies of everything** - Take photos of the completed form before mailing and keep your certified mail receipt. The waiting is brutal because the online tools don't update during the trace process. My "Where's My Refund" still showed the old status until literally the day before my replacement refund was deposited. Don't panic if nothing changes online for weeks - that's completely normal. Timeline for reference: Mailed March 10th, delivered March 13th, replacement refund deposited May 1st. Total time from mailing to money: 7 weeks. You WILL get your refund! The Form 3911 process has a very high success rate. Just be thorough with the paperwork and patient with the timeline. Hang in there!

I'm dealing with this exact same situation right now and found this thread incredibly helpful! My wife and I filed jointly in February, were supposed to get our refund in April, and it's now July with no money in sight. The IRS keeps saying it was "issued" but our bank has no record of any deposit attempt. I've been hesitant to file the Form 3911 because I wasn't sure about the process, but reading all these success stories has convinced me to move forward. The step-by-step advice about finding the correct service center address, using certified mail, and making sure both spouses sign has been invaluable. One question for those who've been through this - did anyone have to deal with interest or penalties during the refund trace period? I'm worried that while we're waiting for this to get resolved, we might get hit with late payment notices for estimated taxes or other issues. Our refund was supposed to cover our next quarterly payment, so the delay is really throwing off our financial planning. Thanks to everyone who shared their experiences and timelines. It's reassuring to know this process actually works, even though it's frustratingly slow!