Using Cash App for tax refunds is like using a sports car for grocery shopping - it works, but there are specific things to be aware of. My deposit was scheduled for March 8th last year, and while my friend with a traditional bank had to wait until exactly 8am on the 8th, mine hit Cash App at 9:30pm the night before. The system isn't perfect though - my cousin had his refund rejected because his name on Cash App didn't exactly match his tax return (he used a nickname). Make sure every detail matches your tax forms exactly.

I've been using Cash App for my tax refunds for the past two years and it's been pretty smooth! Last year my DDD was 3/12 and the deposit hit my Cash App around 11 PM the night before (3/11). This year I'm expecting my refund on 3/18 so fingers crossed for similar timing. One tip - make sure you have your Cash App debit card activated and that you've completed identity verification. I learned the hard way my first year that incomplete verification can cause delays. Also keep an eye on your email for any notifications from Cash App about the incoming deposit. Good luck with your refund, especially with those dependent care expenses coming up!

Im so glad to find this thread! Been struggling with pasive activity rules for years. One question - if i have suspended losses from a rental property and i sell it at a gain, do i just deduct the suspended losses from the gain? Or can i use those loses against any passive income now?

Great question! You've identified a common source of confusion. The key insight is that these two limitation systems work sequentially, not independently, which prevents the "loophole" you're concerned about. Here's the step-by-step process: 1. **At-Risk Rules Apply First (Section 465)**: Your deductible loss from each activity is limited to your actual economic investment in that specific activity. This includes your cash investment plus qualified nonrecourse debt (for real estate). Importantly, this calculation is done separately for each activity - no aggregation allowed. 2. **Passive Activity Rules Apply Second (Section 469)**: Only after the at-risk limitations are applied do the passive activity loss rules kick in. These rules then limit your ability to use those losses against non-passive income. So in your $50,000 passive income example, even if you bought multiple properties with small down payments, each property's deductible losses would still be capped at your at-risk amount in that specific property. You couldn't generate unlimited "paper losses" because your losses are constrained by your actual economic exposure. Additionally, the IRS has substance-over-form doctrines and anti-abuse rules that target arrangements entered into primarily for tax avoidance without legitimate business purpose or reasonable profit expectation. Simply acquiring passive activities solely to generate tax losses could trigger scrutiny. The system is actually designed quite well to prevent exactly the scenario you're describing!

I'm confused about the withholding part. DraftKings withheld some taxes from a big parlay I hit last year, but my other accounts didn't withhold anything. How do I account for that on my taxes?

This is exactly the situation I was in last year! I had accounts with multiple sportsbooks and was completely overwhelmed trying to figure out the tax implications. Here's what I learned from my tax preparer: You need to report ALL gambling winnings as income on Schedule 1, regardless of whether you received W-2Gs or not. This means adding up every single winning bet from all your platforms - Fanatics, Bet365, FanDuel, and DraftKings combined. The tricky part is that you report gross winnings (not net), so even if you're down overall for the year, you still owe taxes on your wins. Your losses can only be deducted if you itemize, and only up to the amount of your winnings. My advice: Download detailed statements from each platform showing all your betting activity. Most sportsbooks have this under "Account History" or "Tax Documents." Create a simple spreadsheet tracking each bet - date, platform, amount wagered, win/loss amount. This documentation will be crucial if the IRS ever questions your return. Don't try to get creative with the reporting - the IRS has been cracking down on sports betting taxes lately. Better to be conservative and accurate than risk an audit.

Has anyone considered the QBI deduction (Section 199A) impact when deciding between S Corp vs. sole proprietor? I've heard that having too high of a salary in an S Corp can reduce your QBI deduction.

Great discussion everyone! As someone who made the S Corp election two years ago in a similar situation, I wanted to share some real-world experience. My consulting business was pulling in about $280k, and I set my reasonable salary at $160k (just under the OASDI limit at the time). Even with that salary level, I still saved roughly $3,500 annually on Medicare taxes from the distributions. One thing I learned the hard way - make sure you factor in the quarterly estimated tax payments on your distributions. Unlike salary where taxes are withheld automatically, you're responsible for making those payments yourself. I got hit with underpayment penalties my first year because I didn't adjust my estimates properly. Also, the administrative burden is real. Beyond the extra tax filings, you need to run actual payroll (even if it's just for yourself), maintain corporate minutes, and keep business and personal finances completely separate. It's definitely more work than being a sole proprietor, but the tax savings and liability protection have been worth it for my situation. The key is running the numbers for YOUR specific circumstances - income level, state taxes, industry standards for reasonable compensation, and your tolerance for additional paperwork and compliance requirements.

This is a really complex situation that I think requires careful documentation. I went through something similar when I converted my primary residence to a rental mid-year, and the key is keeping detailed records of exactly when the conversion happened. For your 22-day period in January when Property A was still your primary residence, you'll need to calculate the exact mortgage interest for those days and include it with Property B's interest to see if you exceed the $750k limit. The IRS looks at the actual interest paid during qualified residence periods, not just the loan balances. One thing that helped me was creating a detailed timeline showing: (1) dates Property A was my primary residence, (2) move-out date, (3) date Property A became available for rent, and (4) Property B purchase/move-in date. This documentation was crucial for properly allocating the mortgage interest between Schedule A (personal residence) and Schedule E (rental property). Also make sure you're calculating based on the actual interest paid during each period, not just prorating the annual amount. If you made extra principal payments or had different payment timing, it can affect the daily interest calculation. Keep all your mortgage statements and closing documents - you'll need them to support your calculations if the IRS ever asks questions.

This thread has been incredibly helpful! I'm dealing with a very similar situation and appreciate everyone sharing their experiences and resources. One additional consideration I discovered while researching this topic: if you're planning to claim any home office deductions for your rental property business (like if you manage the property from a home office), you need to be careful about how that interacts with the mortgage interest allocation. The home office deduction for rental property management would be claimed on Schedule E alongside your other rental expenses, but it's calculated separately from the rental property itself. Just wanted to mention this since managing rental properties often involves significant administrative work that might qualify for the home office deduction. Also, for anyone still working through the calculations, I found IRS Publication 527 (Residential Rental Property) really helpful for understanding the day-by-day allocation rules. It has some examples that are similar to what many of us are dealing with here. Thanks again to everyone who shared their experiences with the various tools and services - it's given me some good options to explore for getting definitive answers on my specific situation!