Just wanted to add my experience from last year - I inherited my father's house and initially thought I could skip the appraisal since I wasn't planning to sell. Big mistake! When I finally decided to sell 18 months later, I had to scramble to get a retrospective appraisal done. The appraiser I found was great (found her through the Appraisal Institute like Emma suggested), but she explained that the further you get from the date of death, the harder it becomes to find truly comparable sales from that exact time period. Market conditions change, and what might seem like a similar property sale from 6 months later could have very different market factors affecting it. My advice: even if you're 100% sure you'll never sell, get the appraisal done within the first few months. The cost is minimal compared to the potential headaches and tax issues down the road. Plus, life circumstances change - you might need to sell for reasons you can't predict right now.

I've been following this thread and wanted to share something that might help others avoid the stress I went through. When my grandfather passed last year, I was in a similar boat - inherited his duplex property and wasn't sure about the appraisal timing. What really helped me was getting connected with an estate planning attorney who specialized in inherited property. They explained that beyond just the step-up basis issue, there are also state-specific rules that can affect your tax situation. In my state, for example, there were additional inheritance tax considerations that I would have completely missed if I'd just focused on the federal requirements. The attorney had a network of appraisers they regularly worked with who were experienced in estate valuations, which saved me the headache of trying to find someone qualified on my own. The whole process ended up being much smoother than I expected, and having professional guidance gave me confidence that I was handling everything correctly. For anyone feeling overwhelmed by this stuff - don't try to navigate it all alone. Sometimes spending a few hundred on professional advice upfront can save you thousands in mistakes later.

I've been through this exact situation multiple times and can offer some reassurance. The status flip from "approved" to "pending" in TurboTax is actually pretty common during the final 24-48 hours before your refund is deposited. What's happening is that TurboTax's system sometimes can't distinguish between the final processing stages at the IRS. When your refund moves from "approved for release" to "sent to your bank," there's a brief period where TurboTax might show it as pending again because the status codes change in their system. Since the official IRS "Where's My Refund" tool still shows approved with your Feb 13 date, that's the status you should trust. The IRS tool pulls directly from their processing systems, while TurboTax is essentially making educated guesses based on periodic data updates. I'd suggest checking your bank account first thing tomorrow morning - most direct deposits from the IRS hit accounts between midnight and 6 AM. Even if TurboTax never updates back to "approved," your money should still arrive on schedule. Don't stress too much about the TurboTax display - focus on what the IRS is telling you directly.

I had this exact same issue last month! The status flip from "Approved" back to "Pending" in TurboTax is actually quite common and usually nothing to worry about. What matters most is what the official IRS "Where's My Refund" tool shows - and since yours still displays "Refund Approved" with the Feb 13 date, you should be in good shape. TurboTax's tracking system sometimes gets confused during the final processing stages when the IRS is preparing to send your refund to your bank. Their system doesn't always sync perfectly with the IRS databases, especially during high-volume periods. I'd recommend checking your bank account early tomorrow morning - most IRS direct deposits hit accounts between midnight and 6 AM. Even if TurboTax never updates back to "approved," your refund should still arrive as scheduled. The IRS system is the authoritative source, so trust what they're telling you over TurboTax's display. If for some reason the deposit doesn't appear by end of day tomorrow, give it one more business day before getting concerned, as banks can sometimes take 24-48 hours to fully process IRS deposits. But based on your description, everything sounds like it's proceeding normally - just with a glitchy third-party tracker!

As someone who went through this exact situation two years ago, I can confirm that you absolutely can deduct startup expenses even without revenue - but documentation is everything! The IRS has specific guidelines for agricultural businesses that are more lenient than other industries because they understand farms take time to become profitable. For your $17,500 tractor, you have several options: Section 179 expensing could let you deduct the full amount this year (subject to income limitations), or you could use bonus depreciation for immediate expensing, or spread it over 5-7 years with regular depreciation. Given that you have W-2 income from your regular job, Section 179 might be your best bet to offset that income. The key things that helped me avoid hobby farm classification were: 1) Opening a separate business checking account for all farm expenses, 2) Creating a simple but detailed business plan showing projected timeline to profitability, 3) Keeping meticulous records of all expenses and time spent on farm activities, and 4) Taking photos of improvements and documenting the learning process. One thing I wish I'd known earlier - consider filing Schedule F even in your first year with zero income. It formally establishes your farm business with the IRS and starts your depreciation schedules running. Just make sure you can show legitimate business intent through your actions and documentation. The fact that you're systematically preparing the land and gaining experience with livestock shows real business purpose, not hobby activity.

I've been in almost exactly your situation! Started my small farm operation two years ago while working full-time, and the tax implications were definitely confusing at first. Here's what I learned that might help: You can absolutely claim startup expenses even without revenue, but the IRS will look closely at whether you're operating with genuine profit intent versus just having an expensive hobby. The good news is that agriculture gets more favorable treatment than most other businesses because the IRS recognizes farms typically take several years to become profitable. For your $17,500 tractor, Section 179 expensing could be a game-changer. Since you have W-2 income from your regular job, you might be able to deduct the entire purchase price this year rather than depreciating it over 5-7 years. This can significantly reduce your overall tax burden. The most important thing is documentation. Start keeping detailed records now: separate business bank account, written business plan (doesn't need to be fancy), photos of property improvements, and logs of time spent on farm activities. I also recommend starting a farm journal documenting daily activities, learning experiences, and business decisions - this really helps demonstrate legitimate business intent. Don't worry about the "hobby farm" classification if you're genuinely working toward profitability. The fact that you're systematically preparing infrastructure and gaining livestock experience shows real business purpose. Just make sure you can prove it through your record-keeping and business-like approach to the operation.

I just went through this exact same situation with my single-member LLC last month! After getting conflicting advice from multiple sources, I ended up scheduling a consultation with an Enrolled Agent who specializes in small business taxes. Here's what they confirmed for me: Since your SMLLC is a disregarded entity, you should use: Payer Name: Daniel Whitaker (your personal name) Payer TIN: Your LLC's EIN The reasoning is that as a disregarded entity, you're personally responsible for the tax obligations, but the EIN maintains the business connection for tracking purposes. This approach also aligns with how most business banking and payment processing systems work. One thing that really helped me was making sure this matches how I've been handling everything else - my business bank account, contractor payments, and previous tax filings all use the LLC's EIN. This creates consistency across all my business records, which my EA said is exactly what you want if you ever face an audit. The key is being consistent with whichever approach you choose. Since you mentioned you've been running the LLC for 2 years, make sure your 1099-NEC filing approach aligns with how you've been handling your Schedule C filings and business banking. That consistency will serve you well with the IRS!

I had this exact same confusion when I first started filing 1099-NECs for my SMLLC! After going through multiple sources and even calling the IRS, here's what I learned: For a single-member LLC that's a disregarded entity, you should use: **Payer Name:** Daniel Whitaker (your personal name) **Payer TIN:** Your LLC's EIN The logic is straightforward: since your SMLLC is disregarded for federal tax purposes, YOU are the taxpayer making these payments. However, you still use the LLC's EIN because that's the business identifier tied to your contractor payments and business operations. This approach maintains consistency with how your business banking and payments have been structured while properly reflecting your tax status as a disregarded entity owner. One critical tip: make sure this aligns with how you've been handling your Schedule C filings. When you report your business income and expenses (including these contractor payments) on Schedule C, everything should tie together cleanly. The most important thing is consistency across all your filings. Whatever approach you choose, stick with it to avoid creating red flags during any potential IRS review. Given that you've been operating for 2 years, you want your 1099-NEC approach to match your established business practices and previous tax filings.

I'm going through exactly the same issue right now! My tax code just changed from 1275L to 1104L without any explanation, and I was really worried about what it meant until I found this incredibly helpful discussion. After reading through everyone's experiences, I'm planning to check my Personal Tax Account first thing tomorrow using the "View your tax code calculation" section that so many people have recommended. I think it might be related to a company laptop that I use for both work and personal use, or possibly a small training allowance I receive quarterly - I never realized these kinds of benefits could affect tax codes! The timing pattern everyone's mentioned is really interesting - it definitely seems like HMRC is doing more comprehensive reviews of employee benefits recently. While it's frustrating to have these unexpected changes, it's incredibly reassuring to see from all these comments that there's usually a logical explanation once you understand what's happening. This thread has been more helpful than hours of searching through HMRC's official guidance! Thank you to everyone who's shared their experiences and solutions - you've given me the confidence to tackle this systematically rather than just panicking about the change. The advice about checking online first before attempting those dreaded phone calls is definitely the way to go!

I'm dealing with a very similar situation - my tax code just changed from 1275L to 1126L and I was completely confused until I found this thread! Reading through everyone's experiences has been incredibly enlightening and reassuring. Like many others here, I had no idea that so many workplace benefits could trigger these tax code changes. I'm now wondering if it might be related to a small car allowance I receive monthly (about £80) or possibly the annual eye test vouchers my company provides. It's amazing how these seemingly minor perks can add up to significant adjustments in your personal allowance over the course of a year. The pattern of recent changes that multiple people have mentioned definitely suggests HMRC is conducting more systematic reviews of employee benefits. It's both frustrating and somewhat comforting to know this appears to be happening across many companies rather than being something specific to individual circumstances. I'm absolutely going to check my Personal Tax Account using the "View your tax code calculation" section that everyone's recommended before even considering calling HMRC. After reading about those 90+ minute wait times, the online approach sounds infinitely more appealing! This community discussion has been far more helpful than any official guidance I could find. Thank you to everyone who's shared their specific situations and solutions - it's given me confidence to approach this methodically rather than just worrying about the change. For anyone else in a similar boat, it's clear that starting with the online account breakdown is definitely the way to go!