PSA: Make sure ur using a real bank account not those prepaid cards. My cousin tried using cashapp and got rejected

Been doing taxes for years and honestly the timing is all over the place this season. Got mine in 24 hours last week but my friend is still waiting after 6 days. The new security checks are definitely slowing things down. Pro tip: if you haven't gotten it by day 5, call and ask about any verification issues - sometimes there's a hidden flag on your account they don't tell you about.

Watch out for the commuting rule! This bit me hard last year. Even if you're driving the company car to different work sites, the miles from your home to the FIRST work location of the day and from the LAST work location back home are still considered personal commuting miles. Only the miles between work locations during the day count as business miles. My employer didn't explain this clearly and I ended up with a surprise tax bill.

Great question about company vehicles! Just want to add that it's worth asking your employer which valuation method they plan to use BEFORE you start using the car. Some companies use the "annual lease value" method which can result in a higher taxable benefit than the cents-per-mile method, especially for expensive vehicles or if you don't drive much personally. Also, if your company provides fuel for personal use (sounds like you're getting a gas card), that's an additional taxable benefit on top of the vehicle use. The IRS has specific rules about how to value the fuel benefit - sometimes it's easier for companies to just require you to reimburse them for personal fuel costs to avoid the tax complications. One more tip: keep documentation of your vehicle's condition when you first receive it and when you return it (photos, maintenance records, etc.). This can protect you if there are disputes about damage or excessive wear that might affect your tax liability later.

Does the 3-year carryback apply to options on futures too? I trade E-mini S&P options and had massive losses this year, but wasn't sure if they qualify for the same treatment as regular futures contracts.

Just wanted to add some practical advice for anyone considering the Section 1256 carryback - make sure you have all your trading records organized before starting the process. You'll need detailed records of your Section 1256 gains from the previous 3 years to calculate exactly how much you can carry back. Also, be aware that filing Form 1045 (Application for Tentative Refund) can sometimes trigger additional IRS scrutiny, especially if you're claiming large refunds. It's not a reason to avoid using the carryback if you're entitled to it, but just be prepared to potentially provide additional documentation if requested. The carryback can be a huge tax benefit for traders who have volatile years, but the paperwork can be complex. Don't let that discourage you from claiming what you're legally entitled to - just make sure you do it correctly or get professional help if needed.

Pro tip: set up alerts on your banking app instead of manually checking. Your neck will thank you later 💅

Been there! The waiting game is brutal but totally normal. TurboTax advance usually hits within 1-2 business days after your return gets accepted. Since yours was accepted 1/22, you're probably looking at Thursday or Friday at the latest. I know it feels like forever when you need the money, but try to distract yourself - obsessively checking won't make it come faster! 😅

Just want to echo what everyone else has said about single-member LLCs being perfect for this situation! I made the same transition with my rental duplex about 18 months ago and it's been seamless from a tax perspective. Still file Schedule E exactly like before, passive loss rules haven't changed, and I sleep better at night knowing my personal assets are protected. One thing I'd recommend is also updating your lease agreements for future tenants to reflect the LLC as the landlord. It's not required immediately since existing leases are still valid, but when you have turnover or renewals, having the LLC listed as the landlord reinforces that liability protection you're seeking. My property management company handled this update automatically, but if you self-manage, it's worth keeping in mind. The administrative overhead really is minimal once you get everything set up properly. The peace of mind from liability protection plus keeping the same simple tax treatment makes it a win-win situation for single-property landlords like us!

This has been an incredibly thorough discussion - thanks everyone for sharing your experiences! As a newcomer who's been researching this exact situation, I'm really grateful for all the practical insights here. One thing I'd add that might be helpful for others considering this move: if you're working with a mortgage lender who's approved the LLC transfer, ask them if they have any specific requirements for how the transfer should be documented. Some lenders want to see certain language in the deed or may require notification within a specific timeframe after the transfer is complete. I'm definitely moving forward with setting up a single-member LLC for my rental property now. The combination of liability protection while maintaining the simple tax treatment (continuing to use Schedule E, same passive loss rules) makes it a no-brainer for my situation. Plus all the tips about timing the transfer at the beginning of the tax year, getting separate business banking set up, and updating insurance/lease agreements gives me a clear roadmap to follow. Really appreciate everyone taking the time to share their experiences - this thread should be a go-to resource for anyone in a similar situation!