Hey, anyone know if I need to report cryptocurrency transactions on Sprintax too? My Robinhood 1099 has some Bitcoin trades along with my stocks, and I'm not sure if the process is the same.

I went through this exact same situation last year as an international student! The key thing that helped me was understanding that Sprintax wants you to enter the summary totals from your Robinhood 1099-B, not individual transactions. Here's what worked for me: Look at your Consolidated 1099 and find the 1099-B section. At the bottom of each category (short-term covered, long-term covered, etc.), there are summary lines showing total proceeds and total cost basis. Use those numbers when Sprintax asks for your capital gains information. One thing to watch out for - if you see any transactions with adjustment codes (like "W" for wash sales), make sure those adjustments are reflected in your summary totals. Robinhood should have already included these in their summary calculations, but double-check the math. Also, as an international student, remember to check if your tax treaty covers capital gains. Most don't, which means you'll pay the standard rates on any profits. But it's worth confirming based on your specific country's treaty with the US. The process is definitely confusing the first time, but once you understand that it's all about those summary totals rather than individual trades, it becomes much more manageable!

Has anyone else noticed that Schedule C is a nightmare for these borderline situations? Like last year I had a client pay me in gift cards (weird but whatever) and I had no idea how to report it.

Great discussion here! As someone who's dealt with similar situations, I want to emphasize what Teresa mentioned about checking for that 1099-MISC - that's really the key factor. I had a comparable situation with a bank sign-up bonus that I used for business equipment. The bank sent me a 1099-INT for the bonus amount, so I had to report it as income but then could deduct the full equipment cost. One thing to watch out for: even if you don't get a 1099 this year, some credit card companies have been changing their reporting practices. Keep good records of the promotion terms and your purchase receipts just in case the IRS ever questions it. The fact that you're being thoughtful about this now shows you're on the right track! For your current situation with no 1099, sticking with the $40 out-of-pocket deduction is the safe approach.

I'm dealing with this exact same situation right now and honestly, this thread has been a lifesaver! I bought a rental property in late 2018 and just realized I've been missing out on depreciation deductions for 5+ years. The panic is real when you discover a mistake like this so close to tax season. What's really helped me is breaking this down into manageable steps based on everyone's advice here: 1. File my 2023 return on time with proper depreciation starting this year 2. Gather all my documentation (HUD-1, property tax assessments, improvement receipts) 3. Work on Form 3115 for next year's filing to catch up on 2018-2022 I've been using my county's property tax records online to help split the land vs building value - they actually have pretty detailed breakdowns that I never knew existed. For my $280k purchase, they show about 25% land value, so I'll be depreciating roughly $210k over 27.5 years. The relief knowing this is fixable and that the IRS has procedures for exactly this situation has really helped with the anxiety. Plus seeing how many people have successfully navigated this gives me confidence I can too. Thanks everyone for sharing your experiences - it's amazing how much collective knowledge is in this thread!

I've been through this exact situation and want to share what worked for me! I missed depreciation on my rental condo for 4 years (2019-2022) and was absolutely panicking when I discovered it in March last year. Here's what I learned that might help ease your anxiety: **Timing**: You absolutely CAN file your regular 2023 tax return on time with proper depreciation for just 2023. The IRS won't flag this as suspicious - they actually expect corrections like this. Then handle Form 3115 with your 2024 return next year. **Documentation**: Your HUD-1 closing statement is gold for establishing your depreciation basis. I also used my county assessor's website to get the land/building value split - most counties have this info online and it's IRS-accepted documentation. **Form 3115 Reality Check**: It's definitely complex, but not impossible. The key sections you'll need are Parts I, II, and IV. Part IV is where you calculate your Section 481(a) adjustment (the catch-up for missed years). **Professional Help Decision**: I ended up doing it myself using tax software, but I spent probably 15-20 hours researching and double-checking everything. If you have major improvements or a complex situation, professional help might be worth it for peace of mind. The relief when I finally got that massive catch-up deduction on my 2023 return was incredible - it was like getting a tax refund for all those years I overpaid! You're going to be fine, and you're actually handling this responsibly by addressing it proactively.

Is anyone familiar with the current processing time for amendments involving Form 8801? I filed a similar amendment about 4 months ago and haven't heard anything yet. The "Where's My Amended Return" tool just says it's been received.

I went through this exact same situation last year when I switched from TaxAct to FreeTaxUSA and my AMT credit from 2018 completely vanished. It's frustrating but you're absolutely on the right track with the sequential amendment approach. A few things that helped me navigate this process: 1. Before filing any amendments, I created a detailed spreadsheet tracking my original AMT payment year, the credit amounts that should have carried forward each year, and what was actually claimed. This became invaluable reference material. 2. When I filed my 2020 amendment, I included copies of my original 2019 Form 8801 showing the credit carryover that got lost. The IRS processor appreciated having that documentation right in front of them. 3. Be prepared for long processing times - my first amendment took about 20 weeks, but once it was approved, the subsequent years seemed to move faster (maybe 12-16 weeks each). 4. Keep detailed records of when you mail each amendment and get delivery confirmation. The IRS lost one of mine initially and I had to refile it. The good news is you caught this in time and you're definitely due those refunds plus interest! It's tedious but worth it in the end.

instead of checking wmr every day and driving urself crazy, I highly recommend the taxr.ai tool. it explains your transcript in plain english and gives you way more info than the generic IRS messages. saved my sanity this year and was 100% accurate on when my refund would come.

I totally understand your anxiety about this - been there myself! 14 days really isn't that long in IRS time, even though it feels like forever when you're waiting for money you need. The fact that your transcript still shows N/A and your status bar disappeared on Where's My Refund suggests your return is probably in some kind of review queue, but that doesn't necessarily mean anything is wrong with it. Given that you had issues last year, I'd recommend being proactive this time. Wait until you hit the 21-day mark, then either call the IRS first thing in the morning (7am sharp) or consider using one of those callback services people mentioned. At least then you'll know exactly what's happening instead of just guessing. Try not to stress too much - the vast majority of these delays resolve themselves, just with some extra waiting time. Your return will eventually process, even if it takes longer than you'd like.