Just to throw another option out there - have you considered a qualified opportunity zone investment? If you're facing a big capital gains hit, you could potentially defer those gains by investing in a QOZ within 180 days of your sale. Might be worth looking into if you're facing a significant tax increase.

Based on all the helpful responses here, it sounds like you're unfortunately stuck reporting this on your 2024 taxes since the closing date determines the tax year, not when you received funds. But don't panic yet! There are still some strategies you can use to minimize the tax hit: 1. **Tax loss harvesting**: As Isabella mentioned, you can sell losing investments before Dec 31st to offset your gains dollar-for-dollar. Even if you don't have enough losses to completely offset the gains, every bit helps. 2. **Double-check your depreciation recapture calculations**: Make sure you're calculating this correctly - sometimes there are errors that can save you thousands. 3. **Consider installment sale treatment**: If any part of your sale proceeds are being paid over time (like seller financing), you might be able to spread out the tax impact. 4. **Opportunity Zone investment**: Omar's suggestion could defer these gains to 2026, which might solve your immediate bracket problem. I'd also recommend getting that Form 1099-S that Ravi mentioned - it will show exactly what date the IRS expects you to report this sale. And definitely follow up with your accountant ASAP since time is running out for any year-end tax planning moves. Good luck!

I'm dealing with a similar situation right now - CRA holding my $2,100 refund for missing GST returns. After reading through all these responses, I tried calling the Business Enquiries line this morning using some of the strategies mentioned here. I specifically asked to speak with a supervisor about "expedited processing due to financial hardship" and explained that the delay was affecting my ability to pay essential business expenses. The supervisor was much more helpful than the front-line agents I'd spoken to before and said she could flag my account for priority review. She also gave me a specific timeline - said to expect the hold to be reviewed within 3-4 weeks instead of the original 10 weeks I was quoted. She emphasized that I should call back if I don't see movement by then and reference the priority flag she placed on my account (confirmation number BH-2025-0411-7834). For anyone else in this situation, I'd definitely recommend asking for a supervisor right away rather than accepting the standard timeline from the first agent. The difference in helpfulness was night and day. Will update if I hear anything sooner than expected!

I went through this exact nightmare last year with a $3,900 refund held for missing GST returns. After reading all these suggestions, I want to add something that really worked for me - the CRA Taxpayer Ombudsman office. When the standard channels weren't working and I was still getting the runaround after 8 weeks, I filed a complaint with the Ombudsman explaining that CRA's delay was causing serious financial hardship for my small business. Within 2 weeks of filing the complaint, I got a call from a CRA "resolution specialist" who had the authority to expedite my case. The key was documenting all my previous attempts to resolve the issue - call dates, reference numbers, agent names, etc. The Ombudsman's office needs to see that you've tried the normal channels first before they'll intervene. But once they do get involved, things move much faster. You can file a complaint online at canada.ca/taxpayer-ombudsman. It's completely free and they're specifically there to help when CRA's normal processes aren't working. Given that you need the money for essential business repairs, this could be worth trying if the supervisor route doesn't work out.

Has anyone considered whether The Appraisal Institute courses might qualify for the Lifetime Learning Credit even if not for the American Opportunity Credit? The LLC has broader eligibility, right? I'm taking some professional certification courses that aren't from a traditional college, and my tax software is suggesting they might qualify for the LLC but not AOTC.

I'm dealing with a similar situation with continuing education for my CPA license. After reading through all these responses, I decided to do some digging on my own and found a really helpful resource - the Department of Education's Federal Student Aid website has a school search tool where you can verify if an institution participates in Title IV programs. I searched for several professional certification organizations and most don't appear in their database, which confirms they don't qualify for education credits. However, I did discover that some state universities offer professional certification programs that DO qualify since the university itself is Title IV eligible, even if the specific program is vocational. For example, if you took your appraisal courses through a state university's continuing education department rather than directly through The Appraisal Institute, you might have qualified for credits. Something to consider for future licensing requirements - it might be worth checking if any local colleges offer equivalent programs that would make you eligible for education credits. In the meantime, definitely maximize that Schedule C deduction. Don't forget you can also deduct related expenses like parking fees, materials, and even meals if you traveled out of town for courses.

Quick question - I have an SMLLC with no income but I did put about $5,000 into a business bank account. Does this count as "income" for tax purposes that I need to report somewhere? Really confused about what counts as activity.

For anyone still confused about SMLLC filing requirements, here's a quick summary that might help: Since your Single Member LLC is a "disregarded entity" for tax purposes, you don't file a separate business tax return. Instead, you report everything on your personal return using Schedule C - even if it's all zeros. The key thing to remember is that "zero income" doesn't mean "no filing" - you still need to show the IRS that your business exists but just didn't generate revenue that year. Also, make sure you're not mixing up federal and state requirements. While federal might be straightforward, your state could have completely different rules about annual reports, franchise taxes, or minimum fees regardless of income level. I learned this the hard way when I got hit with a $200 penalty for missing a state filing I didn't even know existed!

Got my paper check exactly 6 days after the mailed date on my transcript! Was super nervous about it getting lost but it showed up perfectly fine. Pro tip: sign up for USPS Informed Delivery so you can see when it's coming - made me way less anxious about the whole thing. Good luck with yours!

Mine took about 10 days to arrive last year, but that was during tax season when everything was super backed up. The USPS tracking through Informed Delivery definitely helps with the anxiety! Also keep an eye on your transcript for any updates - sometimes there can be last minute holds or changes that delay the mailing. Fingers crossed yours comes quickly! 🤞