Just to add my 2 cents - I think the Treasury EIN is actually 72-0000000 for interest payments, not 94-1111111. I had this same issue last year and that's what I used for the payer ID.

I went through this exact same situation two years ago and can confirm the information Lucas provided is correct. For IRS refund interest 1099-INT forms, you should use: - Payer: United States Treasury - EIN: 94-1111111 - Address: You can use either the Ogden, UT or Kansas City, MO service center address I actually called the IRS when I lost mine and after waiting on hold for 2+ hours, the agent confirmed these are the standard payer details they use. She also mentioned that as long as you report the correct interest amount and use the proper Treasury EIN, your return will process normally since they have the matching records on their end. One tip - make sure to keep a digital copy or photo of important tax docs like this in the future! I now scan everything to cloud storage right when it arrives. Good luck with your filing!

As a small business owner who's been through this exact situation, I'd recommend getting really clear on your record-keeping system first before deciding between direct vs indirect categorization. For your F-150 that's 100% business use, the key is consistency. If you're billing clients for travel time or including vehicle costs in your job estimates, then fuel and maintenance tied to specific jobs would be direct costs. Otherwise, treat them as indirect overhead expenses - both are fully deductible either way. Since you mentioned you already track mileage, consider using a simple app like Everlance or TripLog to automatically categorize your trips by job site. This creates the documentation trail you'll need if the IRS ever comes knocking. I learned this the hard way when I got selected for review and had to reconstruct months of driving records. One more tip: if you're doing the actual expenses method (which sounds like it might work better for you given construction vehicle wear and tear), keep a dedicated business credit card just for truck expenses. Makes tax prep so much easier when everything's in one place.

I'm new to running my own business and this whole thread has been incredibly helpful! I've been stressing about vehicle expense categorization for months. One question I haven't seen addressed - what about when you use your work truck for multiple purposes in the same trip? Like if I drive to pick up materials at Home Depot, then swing by a job site to drop them off, then grab lunch on the way back to the office? How do you handle tracking something like that? Also, for those using apps like MileIQ or TripLog, do they integrate well with QuickBooks? I'm trying to streamline my bookkeeping process and don't want to end up manually entering everything twice. Thanks to everyone who's shared their experiences here - definitely saving this thread for future reference!

I'm just curious - how much was the depreciation recapture tax hit for those who had to pay it? I'm in year 2 of renting out my primary residence and considering moving back in specifically to avoid capital gains taxes when I eventually sell. My house has appreciated about $180k since I bought it, and I'm trying to calculate if moving back for 2+ years makes financial sense versus just selling it as an investment property and paying the capital gains tax.

Based on your situation, you should be able to claim the full Section 121 exclusion without any issues. You clearly meet the ownership and use test (2 out of 5 years before sale), and the key factor working in your favor is that you moved back into the home and lived there until you sold it. The non-qualified use rules from 2008 specifically state that any period AFTER the last date you used the property as your principal residence doesn't count against you. Since your rental period (2015-2017) occurred BEFORE your final period of residence (2017-2024), it shouldn't affect your exclusion eligibility at all. However, you will need to recapture any depreciation you claimed during the rental period at the 25% rate - this is separate from the Section 121 exclusion. Make sure you have good records of the rental period dates, and keep documentation showing when you moved back in (utility bills, address changes, etc.) in case the IRS ever asks. Given the complexity and the significant money involved, you might want to consider getting a professional analysis of your specific situation to make sure you're reporting everything correctly. The peace of mind is usually worth it when dealing with large capital gains.

Just wanted to add that timing your sale might be important here. Since you've already used it as a rental for 2.5 years, you only have another 2.5 years before you'd fail the 2-of-5 year test! If you delay selling and cross that 3-year rental mark, you might lose your eligibility for the exclusion entirely. Something to keep in mind if you're on the fence about selling now vs later.

This is such a common situation and you're definitely on the right track! I went through almost the exact same scenario a few years ago - lived in my house for 8 years, converted to rental for about 2 years, then sold. The good news is that you absolutely can still claim the capital gains exclusion since you meet the 2-of-5 year residence test. The rental period doesn't disqualify you from the exclusion at all. A few things to keep in mind that helped me: - Make sure you have good records of when you moved out and started renting (lease agreements, utility transfers, etc.) to establish the timeline - The depreciation recapture that others mentioned is real - I ended up owing about $8,000 on that portion at the 25% rate - Don't forget about any improvements you made during your 9 years of living there - those can be added to your cost basis One thing I wish I had known earlier is that you're actually running against a clock now. Since you've been renting for 2.5 years, you only have another 2.5 years before you'd lose eligibility for the exclusion entirely. So if you're planning to sell anyway, sooner rather than later might be beneficial tax-wise. The whole process was much more straightforward than I expected once I understood the rules. You're in a good position!

I used TT for years but switched to FreeTaxUSA after the guarantee fiasco and it's been so much better. Paid $15 total for what TurboTax wanted $129 for lol

I had the exact same experience with TurboTax's "satisfaction guarantee" last year! What really got me was how they plaster that guarantee all over their marketing but bury the exclusions in tiny print that you only see after you've already paid. I ended up having to escalate through multiple customer service reps before anyone would even acknowledge that their advertising was misleading. The worst part is they know exactly what they're doing - their customer service scripts are clearly designed to wear you down and make you give up. I finally got my refund after threatening to report them to my state's attorney general office, but it took weeks of back and forth. For anyone still dealing with this, document EVERYTHING. Screenshot every page that shows the guarantee without clear limitations, save all your chat transcripts, and don't let them transfer you around in circles. Ask to speak to a supervisor immediately and reference their own terms of service if they try to claim you don't qualify. It's ridiculous that we have to fight this hard just to get what they advertised, but unfortunately that seems to be TurboTax's business model now.