Do you know if there's any way to track it after it shows the amount but before it shows funded? That in-between waiting is killing me!

Unfortunately there's not really a way to track it during that in-between phase. TPG doesn't give updates until they actually receive the money from the IRS. The IRS "Where's My Refund" tool might show it as sent even while TPG still shows it as pending. The only way to get more detailed information during that waiting period would be to access your IRS transcript online or call the IRS directly. The transcript will show the exact date the IRS scheduled your refund to be sent, which is typically about 1-2 days before TPG receives it.

This literally just happened to me! It showed my amount for 4 days, went back to unknown, then funded the next day. Nearly had a heart attack thinking my refund disappeared 😭

That's super helpful, thanks! Our platform charges a 2.5% fee for each transaction, so that could add up over the year. Do we need to keep any special documentation to prove those fees if we get audited?

Yes, definitely keep documentation! Save monthly statements from your payment platform that show both the gross rent collected and the fees deducted. Many platforms provide year-end summaries that break down these amounts clearly. I also recommend creating a simple spreadsheet tracking each payment, the fee charged, and the net amount received. Having this detailed record will make tax preparation much easier and provide solid documentation if the IRS ever questions the discrepancy between your 1099-K amount and what you reported on Schedule E.

Can you explain more about this allocation? We're in a similar situation with a duplex and I've been guessing at percentages.

That's a really good point about the software potentially rounding automatically. Do you know if popular programs like TurboTax or H&R Block have these settings easily accessible? I'm using TurboTax this year.

In TurboTax, you can find this under the Tools menu, then Options, and look for something like "Round all entries." It's usually enabled by default, so you might need to uncheck it if you want to use exact amounts. For H&R Block software, it's in the Settings area under "Entry Preferences." Just be aware that changing this setting might require you to review entries you've already made to ensure they display correctly after the change.

Totally agree about consistency! I made this mistake one year - used exact amounts on some forms and rounded on others. Ended up with small discrepancies that triggered a letter from the IRS asking me to explain the differences. Nothing serious, but an annoying headache to deal with.

Thanks for bringing up the research resources! Which one would you recommend for someone just starting out? I'm trying to be careful with startup costs but also don't want to skimp on essential tools. Also could you elaborate on the preparer vs advisor distinction? I thought the EA would cover both, but sounds like there's more to consider.

For someone just starting out, I'd recommend Thomson Reuters Checkpoint Edge. It's more affordable than some others and has a user-friendly interface that's easier for beginners. They also offer a somewhat limited version called Checkpoint Basic that might be sufficient for your first year or two. Regarding preparer vs advisor: While the EA credential qualifies you for both roles legally, they're functionally different. As a preparer, you're documenting what has already happened - reporting prior year transactions correctly. As an advisor, you're guiding future decisions and strategies. The latter carries more risk because you're making recommendations that impact future outcomes. Many new EAs get into trouble by casually giving planning advice without proper documentation or engagement letters. Start by mastering preparation, then gradually move into advisory services as you gain experience. When you do start offering advisory services, make sure you have separate engagement letters and appropriate insurance coverage.

What kind of prices should someone expect to pay for these insurance policies? I'm considering the same career path and trying to budget startup costs.

Do you include home office expenses in this system too? I work from home and I'm never sure if I should be tracking utilities and rent differently.

I do track home office expenses but slightly differently. For utilities and internet, I calculate the percentage of my home used for business (square footage of office divided by total home square footage) and apply that percentage to those bills. For example, my office is about 12% of my home's square footage, so I deduct 12% of utilities, internet, and rent. I keep a folder with all those bills and have a separate section in my spreadsheet for them. Just make sure your home office is used regularly and exclusively for business - that's a key requirement the IRS looks for.

Credit card statements alone aren't enough. The IRS requires that you have documentation showing what exactly was purchased, not just the amount and vendor. Statements only show where you spent money, not the specific items.