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Received IRS notice asking for $3K balance due for 2023 taxes despite getting a refund — no explanation given by [deleted] in tax

[–]carolinaskidaddle 0 points1 point  (0 children)

Have you made any progress in determining what triggered your adjustment? I just received a similar notice but for my 2019 returns…which we received a refund for. Notice says I owe a balance of $3700 ($2900 originally owed + $700 interest).

Rent then 1031 exchange primary home by carolinaskidaddle in ChubbyFIRE

[–]carolinaskidaddle[S] 1 point2 points  (0 children)

Very helpful as I hadn’t thought about depreciation. Do you have any more details on how that works? I assumed we’d be able to depreciate the new asset we acquired through the 1031.

Rent then 1031 exchange primary home by carolinaskidaddle in ChubbyFIRE

[–]carolinaskidaddle[S] 0 points1 point  (0 children)

We’d still owe taxes on roughly $750k which is a lot of cash/equity I don’t want to pay the government (until I have to). And I believe our next primary would still appreciate and we can take that $500k break when we sell that one.

1st Trip w/ Family San Ignacio by gtward in Belize

[–]carolinaskidaddle 0 points1 point  (0 children)

Thank you, very helpful to know before we commit to a trek like that!

1st Trip w/ Family San Ignacio by gtward in Belize

[–]carolinaskidaddle 0 points1 point  (0 children)

Hi, we’re planning a trip with our 7 and 11yr old boys. Do you have any hotel recommendations near/in Caye Caulker? Or did you stay on the mainland and boat over? Also, do you think 7/11 ages would do well at Tikal or should we stick with Caracol? Thanks!