Something important that nobody's mentioned yet - make sure you're filling out Form 8949 and Schedule D correctly this year! You'll need to report your capital loss carryover on Schedule D line 6 if it's a short-term loss or line 14 if it's a long-term loss. You don't need to list it again on Form 8949. I messed this up last year and included my carryover loss on both forms, which confused the IRS and resulted in a letter asking for clarification. Don't make my mistake!

This is exactly the situation I'm dealing with right now! I had about $1,200 in capital losses from some crypto trades that went south in 2024, and my total income was only around $18,000. After the standard deduction, my taxable income was $0, but TurboTax is showing I have a capital loss carryover. Reading through all these comments has been super helpful - I was worried I was doing something wrong, but it sounds like the software is correct. The part about the loss not actually providing a tax benefit makes total sense now. Since I would have paid $0 in taxes either way, the loss is essentially "saved" for when I might actually benefit from it. Thanks everyone for the detailed explanations! This community is amazing for sorting through confusing tax situations.

I've been following this thread and wanted to add my perspective as someone who works in banking compliance. The advice here is generally solid, but I'd emphasize one important point: whatever you decide to do, make sure you're consistent year over year. If you decide to keep reporting the interest on your return this year, that's perfectly fine for the amounts you're talking about ($300-400). The IRS sees joint account situations like this all the time, especially with parents helping adult children access better rates. However, if you're planning to have these accounts long-term, I'd seriously consider removing yourself entirely (as several others suggested). Not only does it clean up the tax reporting, but it also helps your kids build their own banking relationships and credit history. At 23 and 24, they're well past the age where they need a parent on their accounts. One practical tip: if you do decide to remove yourself, wait until after you receive this year's 1099-INT forms so you can properly report 2024's interest. Then make the change early in 2025 so next year's reporting is clean and simple. The bottom line is that any of the approaches mentioned here are legitimate - just pick one that makes sense for your family's situation and stick with it!

You're absolutely right to be thinking about this now before tax season! I went through this exact situation with my son's high-yield savings account. One thing I'd add to all the great advice here is to also consider the gift tax implications if you decide to keep reporting the interest on your return. If you're essentially "absorbing" the tax burden on income that belongs to your kids, the IRS could technically view the tax you pay on their behalf as a gift. For small amounts like you're dealing with ($300-400), this won't matter since it's well under the annual gift exclusion limit ($17,000 for 2023, $18,000 for 2024). But it's something to keep in mind if these accounts grow significantly. Also, since you mentioned Ally specifically - they're usually pretty good about making changes to account ownership. I'd recommend calling them to ask about their exact process for either changing the primary SSN or removing yourself entirely. Some banks make this really easy online, while others require paperwork or in-person visits. Given that your kids are 23 and 24 and have been filing independently for years, removing yourself from the accounts is probably the cleanest long-term solution. It eliminates the tax complexity and gives them full ownership of accounts they're already managing.

This is such a common trap that many new rental property owners fall into! I made the same mistake initially - was all set to transfer our former primary residence to an LLC until my tax advisor stopped me. The key thing to remember is that the IRS treats ownership very literally for the capital gains exclusion. Even if you own 100% of the LLC, YOU don't own the house anymore - the LLC does. One thing I'd add to the great advice here: make sure you document the fair market value of your home on the day you convert it to a rental. This becomes your new "basis" for depreciation purposes, and you'll need it later for calculating capital gains when you sell. Get a professional appraisal or at least a detailed CMA from a realtor and keep those records with your tax files. Also consider the timeline carefully. Since you lived there for 2+ years already, you have until early 2026 to sell and still qualify for the exclusion (assuming you move out next month). That gives you flexibility to try being a landlord and see if it works for you without permanently giving up that tax benefit.

This is exactly the kind of complex tax situation where getting professional advice upfront can save you thousands later. I went through something similar when we converted our primary residence to a rental in 2022. One additional consideration that hasn't been fully discussed: if you do decide to keep the property in your personal names (which seems like the smart move based on the advice here), make sure you understand the depreciation implications. You'll be required to take depreciation on the rental property each year, and that depreciation will be "recaptured" at a 25% tax rate when you sell - even if you qualify for the capital gains exclusion on the rest of the appreciation. Also, keep meticulous records of any improvements you make to the property while it's a rental. These can be added to your basis and will reduce your overall tax liability when you sell. The combination of preserving your capital gains exclusion eligibility AND properly managing the depreciation aspects could save you tens of thousands in taxes down the road. The umbrella insurance approach mentioned by others is really the way to go here. $300-500/year for substantial liability protection is a bargain compared to losing a $500K capital gains exclusion opportunity.

Welcome to the community! As a newcomer here, I've been reading through this entire discussion with great interest. Ana, your situation really resonates with me - I just discovered a similar issue with my own property records showing incorrect square footage. What strikes me most about this thread is how many people are dealing with the same problem! It's both concerning and reassuring to know that assessment errors like this are more common than I realized. The wealth of knowledge and resources everyone has shared here is incredible. I'm particularly impressed by the combination of practical advice and specific service recommendations. The tips from Anastasia about timing calls early in the week, the documentation analysis services like taxr.ai that Brooklyn and Jay used successfully, and the communication help through Claimyr that Marcus and Kennedy found effective - it's like having a complete toolkit for tackling these bureaucratic challenges. The success stories are really encouraging too. Hearing about Brooklyn's $1,450 refund and Hunter's $3,200 recovery shows that these corrections can result in substantial financial benefits, not just fixing paperwork errors. Ana, with your builder plans clearly showing 1865 sq ft versus the assessed 2300 sq ft, you have exactly the kind of objective documentation that assessment offices find most convincing. I'd definitely recommend starting with that informal review process that several people mentioned - it seems less intimidating than formal appeals and often moves faster. Thanks for starting this important conversation! This thread is going to help so many homeowners who didn't even realize they should be checking their assessment records for accuracy.

Welcome to the community! As a newcomer, I've been following this incredibly informative thread and wanted to add my own experience that might help Ana and others in similar situations. I actually went through this exact process last year in Arizona. My property was assessed at 2,850 sq ft when the actual size according to my builder's certificate of occupancy was only 2,620 sq ft - a 230 sq ft discrepancy that I'd been overpaying on for 4 years. The key for me was being extremely organized with my documentation. I created a simple spreadsheet showing the discrepancy, calculated my annual overpayment (about $340/year in my case), and gathered every piece of supporting documentation I could find - builder plans, certificate of occupancy, purchase contract, and even photos of my home's layout. When I called the county assessor, I started with their informal review process just like others have mentioned. The staff member was actually very helpful and explained that they see these errors regularly, especially with newer construction. The whole correction took about 6 weeks, and I received a refund of $1,285 for the previous 3.5 years of overpayments. One tip I'd add: ask specifically about their "good cause" exception if your state has a shorter lookback period. Some jurisdictions will go back further than their standard timeframe when there's clear evidence of an ongoing error that wasn't the taxpayer's fault. Ana, with your 435 sq ft discrepancy over 5 years, you're potentially looking at a much larger refund than what I received. Your builder plans are perfect documentation - that's exactly what assessment offices need to process these corrections quickly.

I just wanna say this HSA stuff is so unnecessarily complicated! Why are we paying extra just to file a stupid form? Tax filing should be simple and free.

If you're looking for a completely free option that handles HSA forms, you might want to check out FreeTaxUSA. I've used them for the past two years with my HSA and they include Form 8889 in their free federal filing (you only pay for state returns if needed, usually around $15). The interface isn't as flashy as H&R Block, but it walks you through the HSA deduction step by step. With your $3,650 contribution, depending on your tax bracket, you're probably looking at saving anywhere from $400-$800+ in taxes - way more than any upgrade fee would cost. Just make sure you have your HSA year-end statement handy when you file, as you'll need to report both your contributions and any distributions you made during the year.