Has anyone used TurboTax for rideshare taxes? Do they explain this "date placed in service" thing clearly? I'm trying to decide which tax software to use.

The "date placed in service" for rideshare drivers is definitely the first date you made your vehicle available for business use - so in your case, that September date when you first started driving for Uber, not when you bought the car in 2019. This is super important because it affects your depreciation calculations. Since you started mid-year, you'll likely need to use the mid-quarter convention for depreciation (if more than 40% of your depreciable property was placed in service in the last quarter of the year). Pro tip: Check your Uber driver app for your trip history - it should show your very first trip date, which would be your "placed in service" date. You can also look at your first payment from Uber as documentation. Keep records of this because the IRS can verify it through your rideshare company's records if needed. Don't stress too much about getting the exact date if you can't remember - a reasonable estimate based on when you first went online is fine, but don't try to manipulate the date to get better deductions. That's an audit red flag.

Just to clarify what everyone's saying: Form 8812 is what you use to CALCULATE the Additional Child Tax Credit amount. Form 8332 is what transfers the RIGHT to claim the child from the custodial to non-custodial parent. Sounds like you're mixing up which form is needed. The dad isn't being rejected because he needs your permission - he's being rejected because he needs your permission IN THE SPECIFIC FORMAT the IRS requires (Form 8332).

I went through this exact same frustration two years ago! The IRS rejection system is automated and looks for specific documentation - it doesn't matter how logical your situation seems or even if you have verbal permission. Here's what worked for me: 1) Get Form 8332 from the IRS website (not Form 8812), 2) Have the custodial parent (sounds like you) fill it out completely and sign it, 3) Give the signed form to the dad to attach to his amended return. The whole process took about 6 weeks once we got the paperwork right, but we got the full credit plus interest on the delayed refund. Don't let the government bureaucracy get you down - once you jump through their hoops correctly, it works! 💪

I've been dealing with capital loss carryovers for several years now, and I can confirm what others have said - you absolutely must use them in consecutive years. The IRS doesn't give you the option to pick and choose which years to apply the losses. In your case, since you missed claiming the $4,500 carryover on your 2023 return, you'll need to file Form 1040-X to amend that return and claim $3,000 of the loss. Then apply the remaining $1,500 on your 2024 return. One thing I learned the hard way is to always check line 16 of Schedule D from your previous year's return - that shows your capital loss carryover to the next year. I now make a note in my tax folder each year with the carryover amount so I don't forget it when preparing the following year's return. The sequential requirement exists because the IRS wants to ensure taxpayers don't strategically time their loss deductions for maximum benefit. It's frustrating when you forget, but the amended return process isn't too complicated and it's definitely worth recovering those deductions.

I've been following this thread and want to add some clarity based on my experience as a tax preparer. Everyone is correct that capital loss carryovers must be used consecutively - there's no "skipping" allowed under IRS rules. For your specific situation, Ravi, you have two options: 1. File Form 1040-X to amend your 2023 return and claim the $3,000 carryover you missed, then claim the remaining $1,500 on your 2024 return. 2. If you choose not to amend 2023, you unfortunately forfeit that $4,500 carryover entirely. You cannot apply it to 2024 or any future year. The IRS is very strict about this sequential requirement. The logic is that capital loss carryovers are meant to help taxpayers in the immediate years following large losses, not to be strategically saved for more advantageous tax years. I'd strongly recommend filing the amended return for 2023. Even if it's a bit of paperwork, you're essentially leaving $3,000+ in tax savings on the table otherwise. The statute of limitations for amendments is three years from the original filing date, so you should still be within the window for 2023.

Has anyone considered a third option? You could lease your truck to the S-Corp through a formal lease agreement. The S-Corp pays you lease payments (which are fully deductible business expenses for the company) and you report the lease income on your personal return. This avoids the whole depreciation issue while still giving the company a deduction for the vehicle use.

Great question Sofia! As others have confirmed, you're correct that the S-Corp cannot claim bonus depreciation on your personally-owned truck. Since the asset isn't owned by the corporation, only you as the individual owner can claim depreciation on your personal tax return. However, I'd suggest comparing all your options carefully. The accountable plan reimbursement you're currently using is actually quite beneficial - you get tax-free reimbursements from the company, and the S-Corp gets a full business deduction for the payments. Before considering selling the truck to the S-Corp (which creates potential tax complications as Dmitry mentioned), run the numbers on both the standard mileage rate versus actual expenses through your accountable plan. Given that you have a heavy truck over 6,000 lbs with high operating costs, the actual expense method will likely be more advantageous than the 67 cents per mile standard rate. The key is maintaining detailed records of business versus personal use regardless of which method you choose. Your current setup might already be optimal from a tax perspective!

This is such a common confusion for college students! You're absolutely right to be asking about this before filing. Let me add a few clarifications that might help: The excess scholarship amount that covered your housing IS taxable income that you'll report on your tax return. But here's something many students miss - make sure you're including ALL qualified education expenses when calculating what's taxable, not just tuition. This includes required fees, books, supplies, equipment, and even things like required software or lab fees. Since you mentioned taking loans for "course materials and living expenses," if any of those course materials were required for your classes, those expenses reduce the taxable portion of your scholarships. So if you spent $800 on required textbooks and lab fees, that $800 reduces your taxable scholarship income. Your loan refunds are definitely not taxable - you're correct about that. And yes, since your parents claim you as a dependent, they would be eligible for education credits if they paid any qualified expenses out of pocket. One important note: moving out in April won't affect your dependency status for this tax year. That's determined by who provided more than half your support for the entire year. The change might affect next year's filing though. Keep good records of all your required educational expenses - they can save you money on taxes!

I want to add one more important detail that could really help with your situation! Since you mentioned working as a campus ambassador, make sure you're considering how your earned income affects your tax picture alongside the scholarship income. If you earned income from your campus ambassador job, that's subject to the kiddie tax rules since you're claimed as a dependent. But here's the key thing - your earned income gets its own standard deduction calculation (your earned income plus $400, up to the full standard deduction), which might cover some or all of your taxable scholarship income. Also, I noticed you said you're planning to file "soon" - just a reminder that if you're a dependent with taxable scholarship income, you still need to file your own return even though your parents claim you. Many students don't realize this and think their parents' return covers everything. One last tip: if this is only your second time filing, consider using Form 1040EZ or the standard Form 1040 with tax software that specifically handles student situations. The scholarship income reporting can be tricky, and you want to make sure you're putting that excess scholarship amount on the right line with the proper notation ("SCH" next to the amount on Line 1). Keep all your documentation - 1098-T, receipts for required course materials, and records of what your scholarships actually covered. You might need them if there are any questions later!