Great question about depreciation recapture! You can still amend previous returns to claim missed depreciation, but there are time limits - generally 3 years from the original filing date for each year. However, even if you can't amend, claiming the missed depreciation might still be worth consulting a tax professional about since the recapture will happen regardless. For FSBO costs, here's what I experienced when I sold my rental last year: attorney fees ($800-1200), title insurance/closing costs ($1500-2500), any buyer concessions you might need to make ($2000-5000 depending on market), professional photos ($300-500), and miscellaneous marketing costs ($200-500). So you're looking at roughly $5000-10000 in costs even without an agent. In your case, if agent commission is $16K and FSBO costs are around $7K, you'd net about $9K in savings. But factor in the time investment and stress of managing everything yourself - for some people that $9K isn't worth the hassle, especially when dealing with complex tax situations on rental properties. One more tip: if you do go FSBO, consider hiring a real estate attorney just for contract review and closing coordination. It's a middle ground that gives you professional guidance on the legal aspects while still saving most of the commission.

Just wanted to add something that might be helpful for your situation - don't forget about the Section 1031 like-kind exchange option if you're considering reinvesting in another rental property. While it doesn't help if you want to cash out completely, a 1031 exchange lets you defer all capital gains and depreciation recapture taxes by rolling the proceeds into a similar investment property. The rules are pretty strict (you have 45 days to identify replacement properties and 180 days to close), but it can be a huge tax saver if you're planning to stay in the rental property business. I used this strategy when selling my first rental and it allowed me to buy a bigger property without paying any taxes on the sale. Also, regarding your FSBO approach - consider that buyers working with agents might be less likely to view your property since their agent doesn't get compensated. You might want to offer a buyer's agent commission (typically 2.5-3%) to keep those buyers in the pool, which would reduce your total savings but potentially get you more showings and better offers.

I'm confused about something similar - if I take money from my Roth IRA that I originally contributed (not earnings), do I still have to report it on my taxes even if I know it's not taxable?

The blank Box 2a on your 1099-R is actually a good sign - it likely means TIAA determined the distribution wasn't taxable, which is why they didn't withhold anything this time. However, you absolutely still need to report this on your tax return even if no taxes are owed. Since you mentioned this is from a rollover you did over a year ago, the key question is whether those were pre-tax or after-tax funds that you rolled over. If you rolled over from a traditional 401(k) or IRA to a Roth (a conversion), you would have paid taxes on that conversion at the time. Any distributions from those converted funds would generally be tax-free as long as it's been more than 5 years since the conversion AND you're over 59½. If the rollover was from another Roth account, then the funds maintain their original character and the 5-year clock from your original Roth IRA applies. Make sure to check Box 7 for the distribution code - that will tell you exactly how the IRS expects this to be treated. You'll likely need to file Form 8606 along with your 1040 to properly report this distribution and show why it's not taxable.

Anyone have recommendations for specific kWh meters that work well for EV charging? There are so many options online and I don't know which ones would be accepted by the IRS for documentation purposes.

Great question! I've been dealing with this exact situation for the past year. You're absolutely right that you can expense the electricity used for charging your work vehicle at home - it's treated just like fuel expenses for gas vehicles. A few practical tips from my experience: 1. **Meter installation is key** - I went with a Sense Energy Monitor that tracks individual circuits. It cost about $300 but has paid for itself many times over in documented deductions. 2. **Keep detailed records** - Date, time, kWh used, your electric rate, and calculated cost per charge. I use a simple Google Sheet that automatically calculates the dollar amount based on my utility's rate structure. 3. **Know your electric rate** - Many utilities have time-of-use pricing, so charging at night might be cheaper. Make sure you're using the correct rate for each charging session. 4. **Business use percentage** - Only deduct the portion that's actually business use. I keep a simple mileage log showing business vs personal trips to support my percentage. The IRS treats this the same as any other vehicle operating expense, so as long as you have good documentation, you're in solid territory. I've been claiming about $180/month in charging costs with no issues.

The tax code has specific exceptions for certain types of gifts. For example, direct payments to educational institutions for tuition or to medical providers aren't subject to gift tax limitations at all. This is sometimes called the "educational and medical exclusion." So if your billionaire friend paid your kid's college tuition directly to the school, that's not subject to the annual gift tax exclusion limits. Same if they paid your hospital bill directly to the hospital.

This thread highlights a crucial distinction that many people miss: the difference between tax consequences for the giver versus the recipient. While everyone's focused on gift tax implications for the billionaire, the bigger issue is often unreported income for the recipient. If there's ANY business relationship, professional connection, or expectation of favorable treatment, these payments become taxable income to the recipient - not gifts. This is true even if the giver calls them "gifts" or doesn't issue proper tax forms. The IRS has specific guidelines about this in Publication 525. They look at factors like: the relationship between parties, whether there's a business context, timing relative to business decisions, and whether the recipient provided or was expected to provide services. For public officials or people in influential positions, these payments are almost never considered true gifts under tax law, regardless of how they're characterized. The recipient should be reporting them as "other income" on their tax return and paying taxes accordingly. The criminal liability here isn't just about bribery laws - it's also about tax evasion if these payments aren't being properly reported as income.

Adding to what others have said - I want to emphasize that you should definitely push back on that IRS notice. Code E distributions are specifically for excess contribution corrections, and when Box 1 equals Box 5 like yours ($5,800), it's a clear indicator that no taxable income occurred. I'd recommend writing a clear response letter to the IRS explaining that this was a return of after-tax contributions as evidenced by the matching amounts and Code E. Include phrases like "corrective distribution of excess contributions" and "return of employee after-tax basis." Make sure to reference the specific 1099-R form and emphasize that no earnings were distributed. Also keep copies of everything you send them. The IRS correspondence can take a while to process, but you're absolutely in the right here. Don't let them double-tax money you already paid tax on!

This is exactly why I always recommend keeping detailed records of your 401k contributions throughout the year! I had a similar excess contribution issue a few years back, and having my own records made all the difference when dealing with the IRS. One thing that might help you feel more confident - you can actually verify this yourself by looking at your final paystub from last year and your 401k account statements. Your paystub should show the total after-tax contributions you made, and if that matches what's being returned (your $5,800), it confirms you're getting back exactly what you put in. The IRS computer systems sometimes flag these distributions automatically without properly accounting for the specific codes. Since you have Code E with matching Box 1/Box 5 amounts, you're definitely in the right. Don't let them intimidate you into paying tax twice on the same money!