Has anyone used QuickBooks for tracking their real estate LLC finances? We're just starting out and trying to figure out the best system.

I went through something very similar when my partners and I started our real estate LLC two years ago. The tax complexity can definitely be overwhelming at first! A few things that might help beyond what's already been mentioned: 1. Don't forget about the potential Section 199A deduction (20% pass-through deduction) - real estate activities can qualify, but there are specific rules about whether your flipping is considered a "trade or business" vs investment activity. 2. For your vacant lot development costs, keep meticulous records of everything - surveys, permits, interest, insurance. These typically get capitalized into the basis of the property until it's completed/sold, then you can deduct them. 3. Consider electing out of the partnership audit rules (Section 6221) if your LLC qualifies. This can save headaches if you ever get audited, as it allows partners to be audited individually rather than at the partnership level. 4. Make sure your operating agreement clearly spells out profit/loss allocations and capital account maintenance. The IRS scrutinizes these closely for real estate partnerships. The learning curve is steep but gets much easier after your first year once you have systems in place. Hang in there!

This Health Care Tax Credit thing is so needlessly complicated! I had the exact same misunderstanding last year. The thing that fixed it for me was filling out Form 8962 manually instead of relying solely on tax software. That form walks you through the exact calculation and helped me see why I wasn't getting the "unused" portion back. Also, make sure you're distinguishing between the HCTC (Health Coverage Tax Credit) and the PTC (Premium Tax Credit). They're different credits with different rules, and sometimes people mix them up. Based on your situation, sounds like you're dealing with the PTC for marketplace insurance.

I went through this exact same confusion last year! The key thing to understand is that the HCTC (or more accurately, the Premium Tax Credit for marketplace plans) is designed as a subsidy to make insurance affordable, not as a refundable benefit you can pocket. When you qualified for $650/month but only needed $429/month for your chosen plan, you essentially selected a plan that required less government assistance. The remaining $221/month doesn't come back to you - it stays with the government as "unused subsidy." However, since your actual income ($47,500) was higher than your estimate ($45,000), you'll need to reconcile this on Form 8962. This income increase might actually reduce your final credit amount, and you could potentially owe back some of the advance payments you received throughout the year. The good news is there are repayment protection limits based on your income level. I'd recommend manually working through Form 8962 to see the exact calculation rather than just relying on FreeTaxUSA's automatic calculation. This will show you exactly how your advance payments, final credit amount, and income changes all factor together.

Don't forget about state taxes! This is a huge gotcha that hit me hard. The federal stuff with foreign income is complicated enough, but some states don't follow the same foreign income exclusions or tax treaty provisions as the feds. I moved from California to Texas partly because of this - California wanted to tax my foreign income even when it was excluded federally. Check your state's rules carefully! Also, keep track of EXACTLY which days you work and from where. If you travel at all while doing this contract work, it can affect tax liability in multiple jurisdictions.

What software are you all using to track expenses and prepare for taxes with international clients? I've been using Excel and it's becoming a nightmare, especially with currency conversions. Last year I had clients in Canada, UK and Australia and I think I messed up my conversion rates.

Based on my experience working with tax clients, what you're experiencing is likely an ACH processing delay. The Treasury Financial Management Service (FMS) initiates the ACH transaction, but it must pass through the Federal Reserve's processing system before reaching your financial institution. This typically takes 24-48 hours after your DDD, but can extend to 5 business days during peak tax season without indicating any problem. If your bank isn't showing a pending deposit by day 5 post-DDD, that's when you should request a payment trace through the IRS.

I'm going through the exact same thing right now! My transcript shows the 846 code with today's date, and I've been refreshing my banking app every hour like it's going to magically appear. It's so frustrating when you're counting on that money. From what I'm reading here, it sounds like this delay is more common than the IRS lets on. I think I'm going to give it until Monday before I start panicking - thanks everyone for sharing your experiences, it really helps to know I'm not alone in this!

Has anyone actually received a 1099 from Airbnb for hosting? I've been hosting for 3 years and never got one, even though I made well over the threshold amount.

This is a complex situation that touches on several different tax issues for new permanent residents. Let me break down the key points: **Immediate Action Items:** 1. **File FBAR immediately** - As mentioned by others, you're required to file FinCEN Form 114 for any year your foreign accounts exceeded $10,000. The deadline was October 15th, but you can still file late. Consider the IRS Streamlined Filing Compliance Procedures if you weren't aware of this requirement. 2. **Amend your 2023 return** - Your tax preparer's advice was likely incorrect. Even if you're just passing through income, the IRS typically views the person receiving the payments as having constructive receipt of the income. You'll need to report the Airbnb income and then potentially claim offsetting deductions for amounts transferred to your father. **Going Forward:** - Definitely switch the Airbnb payouts directly to your father's account - Keep meticulous records of all transfers and your management arrangement - Consider formalizing your arrangement with a written property management agreement **The W-9 Dilemma:** If Airbnb insists on the W-9, you may have to comply since you're the account holder. This will likely trigger a 1099-K being sent to both you and the IRS, making it even more important that you properly report this income on your amended return. Given the complexity with international tax obligations, FBAR requirements, and potential penalties, I'd strongly recommend consulting with a tax professional who specializes in international taxation for permanent residents. The cost of proper advice now will be much less than potential IRS penalties later.