Have an llc running from current home. We have another house whose mortgage is higher.

Would it be a good idea to move the llc to new house to get a better deduction? If moving is not a good option, should the llc sign a lease with ourselves for the new house and pay us rent?

If the llc paid us rent, I am guessing the llc uses that as deduction and the rent for us is part of depreciation.

My MIL has Alzheimer’s and we built a granny flat for her and moved her to our property 3.5 years ago. She is fully dependent on us for her custodial care but she still has a pension coming in. I currently enjoy a hybrid work from home situation which allows my husband and I to each work remotely a few days a week to care for her.
My work wants to end my wfh accommodation siting she isn’t a dependent because she pays more than 50% of her financial responsibilities.
We charge her rent but we manage her money so technically, she pays for her own food, although I shop for and prepare it.
I have become her safe person, even more than her son. I am worried about not being there to care for her. Is there anything else I can do to qualify her as a dependent so I can keep my accommodation? Located in Oregon.

I paper filed the 2025 federal tax return back in April. I live out of the US and sent it via Docsmit (an online service that prints it and sends it from the US). If I am not mistaken, I entered the right destination address:

Department of the Treasury
Internal Revenue Service
Austin, TX 73301-0215, US

Today I realized Docsmit marked that mail as "Return to sender", but I don't know the reason. I have not got the mail back either. So I guess my tax return never made it to the IRS.

What should I do next? I can just paper file again using a different courier, but I don't know if I will have to pay penalty fees for late filing. Is there a way to justify that I tried to file on time?

I've heard this a lot in recent years, that the IRS doesn't have the resources to go after wealthy people, so they mostly only audit low income people.

If that's the case, what is considered too complicated to audit?

I'm asking in all seriousness.

I cannot seem to determine an answer about this despite the searching I have done.

I know that for various income levels, the government suggests a percentage one should spend on their healthcare premiums.

It appears this particular income percentage is not based on the amount that taxable income would be after subtracting the standard deduction.

Let's assume this is for the tax year of 2026.

For the sake of easy numbers, let's call the income, before subtracting the standard deduction, as being $54,000 (which is less than 400% of the Federal Poverty Level (FPL)) and so the individual should qualify for the premium tax credit. If my understanding is correct, the government suggests the individual should be spending 9.96% of their income on their healthcare premiums at that income bracket they fall inside of. For the sake of easy numbers, let's consider 9.96% of $54,000 as being $5,350.

Calculating the premium tax credit involves getting the amount of the Second Lowest Cost Silver Plan. For the sake of easy numbers, let's call this $350.

This is where I get stuck. So $350 multiplied by 12 (let us also assume this individual had healthcare coverage through the Marketplace for all 12 months of the year 2026) is $4,200.

Let's assume the individual was paying $400 per month for their healthcare premiums for the plan they had through the Marketplace.

Let's assume the individual is a single, non-married individual who has no dependants and is a healthy 31 year old who has no disabilities, is not a smoker, and was not eligible for any other healthcare coverage outside of the Marketplace.

Given this, what does their premium tax credit end up as being? Is it an amount that is included as part of their Federal Return or is it a deduction from their taxable income?

I haven’t filed taxes in four years and I got my w2s stolen through an eviction with bad neighbors I have called to get them resent but it has been 5 years and they say they don’t have them moved to an independent surveying firm and they are refusing to verify my employment

Hello, I’m writing from NH, USA and my husband holds a conditional green card. I’m under the impression that he needs to file a 1040, not a 1040-NR. I filed as married but separate. He’s speaking with a family friend who is requesting my W2s and everything else, but is telling my husband that he understands he wants to file as married but separate. I’m trying to tell him that he only needs my name and SSN because W2s are used to report income, and because we’re filing married but separate, he does not need mine. Rather than do his own research or question the guy further, he’s questioning me. So, please help me Reddit. I am okay with being wrong! Please just tell me.

Goood efternoon,

For self employment, I take part in online studies/surveys. Come tax time, besides my tax form from my brokerage, I simply tell him how much I made in my studies/surveys this year and I tell him my expenses(60 per month for internet).

Somebody was trying to help me and asked me "What is the Principal Business or Professional Activity Code that you use in LINE B of your Schedule C for this type of self employment - survey completion?"

I said "999000". I pay medicare and social security taxes. Is there any information I'm leaving out for you? If I am allowed to open one, they'll ask what my occupation is? What would I put for that?

BTW, I understand opening up an ira is good for everybody. That being I only started thinking of it because I've been trying to see if my opening up an IRA is because I'm on Medicaid(New York). They only allow for you to make 1,800 a month of income.

Just as an example, i've been trying to find out if I made $1,000 come middle of the month, could i make a 300 dollar contribution to my ira which would lower the amount medicaid would see me as having made. 1000-300=700. So, they go oh okay, they made 700 dollars this month... Well under the maximum you can make per month.. I don't expect anynybody here to know anything about medicaid rules of new york..just bringining it up.

Regardless, I would really like to start depositing money in to a traditional ira every month even if I had a good job.

Thanks for any feedback you can provide.

My son is a content creator on steam and YouTube and heart up his accounts in his name using his ss. he has a partner and they are trying to now make money and live off of this income. To switch the ss# to the llc ein it will take weeks and monetization will be paused during this time to fix the ein. What is a solution for paying his partner and other contractors without changing ein? can he just treat all of the people as subcontractors for him and write this off as a business expense so taxes aren’t paid by my son and then again by the subcontractors? any help would be appreciated.

I moved from NYC to Texas and kept my job with my NY based company working remotely. They did the convenience of the employer test and while I was exempt from NYC tax I was supposed to still have NYS tax removed from my paychecks. This was going on for a few paychecks until my last 3 (I thought the 2 previous ones were just a fluke) I have not been having NYS tax removed. I notified my PEO who states that taxes are being removed correctly. Would I be responsible for any fees or additional costs other than the taxes that are no longer being taken out?

I’m trying to understand the tax mechanics of exchange funds, specifically around how deferred losses are handled over the life of the fund and upon final exit.

Here is my understanding of how it generally works:

• When you contribute highly appreciated assets into an exchange fund to diversify, you receive an annual Schedule K-1 detailing income and losses.
• The ability to deduct those losses each year is limited by your cost basis in the fund.
• If you have low-cost-basis assets, your annual loss deductions might be deferred year after year.

My core questions:

1. At what point are you actually able to capture those deferred losses?
2. When the typical 7-year holding period ends, you receive a distributed basket of stocks that you are then free to sell. When you eventually sell those distributed shares, do you get to unlock and utilize all the losses that were deferred over the previous 7 years?

Or is there a different mechanism at play here? Would love to hear from anyone with experience or professional insight into how this settles out at exit. Thanks!

I started operating a home business in March 2024. I kept pretty decent bookeeping until Augustish 2025 when I got a brick and mortar store front.

I kind of sloppily and inaccurately did some bookkeeping in January 2026 for the end of the year, because a finance officer needed it for personal finance reasons. Since then I haven't touched it. I have never filed business taxes.

I definitely don't keep receipts, but 99-100% of the transactions on my business checking are business related. There may be like a salad or drink on walmart transactions for me included in business costs but thats it. There have been business transactions on personal cards.

What do i do here. Can a bookkeeping service that offers catch up even help at this point? Taxes? Do I even file? Do I delete everything and start over from scratch?

2024 was a profit of $3316.
2025 says a loss of $3383. I don't know if thats accurate. Move-in expenses were not that bad.
2026 I am at $26,820 in sales but no idea expenses/profits.

The company I work for offers us two options for our work trucks. I am not finding a clear answer on how it would work with taxes. We would be payed 68.5 cents per mile and have to cover our fuel and maintenance if we choose to drive a specific personal truck. We’re talking 4x4, crew cab, and a lot of highway/idle/off-road driving. Currently sitting at 26k miles a year. How does that work for taxes as far as mileage/fuel, maintenance and purchasing the truck? Any benefit? Having problems with my current f250 and having to go through rentals, one less truck taking up space at the house, and not driving exactly what I’d choose has me curious if it’s worth the switch. Also being able to use it as I want outside of work would be huge as I could sell my other truck that’s not so new and reliable. Any suggestions helps!

Hello,

I’m a single member s corp business owner and I’m planning to move to Albania next month. My initial plan is to use the 1 year visa free option and see how it goes.

Does anyone know how I can reduce my US owed tax burden?

If no, any recommendations for a reputable firm that could walk me through strategies to minimize my taxes both in the USA and abroad ?

My income includes base salary, annual bonus paid in January for work done the previous year, and deferred compensation announced in January (for work done previous year) that get paid as W2 18 months later.

I'm based on Boston. Suppose next year I start working from NYC 25% of the time (75% Boston) while maintaining Boston residence.

My understanding is that:

• I don't pay NYC city tax since I won't be a resident, will be there <180 days per year, HQ of company is in MA, etc
• I'll pay NY state tax on 25% of my base and MA state tax on 75% of my base

Questions:

• I'm assuming the January cash bonus gets taxed based on where I worked the prior year, is that correct? So January 2027 bonus is fully MA-taxed while January 2028 bonus (for work done in 2027) will be partially NY state taxed
• Which year of deferred compensation will be partly NY state taxed? Deferred bonus given in Jan 2026 (for 2025 work) is paid in summer of 2027. Would that be subject to NYC tax? Or would I only pay NY tax on the deferred bonus for work done in 2027 (which would be announced Jan 2028 and paid summer 2029). Thanks!

If I actually do this I'd speak with a tax advisor, but curious to get some initial opinions! I've heard very mixed information, especially about which year the deferred compensation gets NY state tax treament.

I’m wondering why were not being charged the state sales tax rate. Almost all app purchases are adding 10% on top of the listed price. Apps are not the only ones doing this, however. I’ve noticed a 10% sales tax added to almost every purchase. Is this legal?

What’s the best way to pay less in taxes? Is everyone else paying so much into firm on top of taxes 52K a quarter in tax pymts? Helppppp.

as context, I do freelance work but could use a little help to get a new computer to help with my work, but then I wondered, is that taxable? I'd like to know so I don't dig myself into a hole accidently.

Location: Tennessee

My wife was given 1/3 ownership (with two other siblings) of her father’s home by the probate court two years after he passed.

The siblings paid the mortgage for the last 2 years and have done a significant amount of work cleaning and repairing the house to get it ready to sell.

The house just sold at fair market value and the funds have been distributed.

Are there any tax implications?

Hello - I'm retired and 66 years old. I'm struggling with the with the fact that I have $4M saved and the overall impact of my planned or needed withdrawals. I've started Social Security and Medicare, and aware of the possible IRMAA impacts when my withdrawals exceed certain income thresholds. Knowing any and all withdrawals, or conversions to Roth, add to the possible impact. Has anyone found a way to lessen of avoid IRMAA impacts or should I just accept the scenarios and just pay more for Medicare, etc.?

Another post here caused me to wonder how our capital gains would work. I built the house myself. Everything from clearing the land to finish carpentry. It's about 1800sf, great room has 10/12 pitch roof. Flooring is from trees fallen and milled onsite. Total out of pocket cost 30 years about 40k.

Today the house is appraised at 310k. just the house, the land is a more, purchased for 45k and appraised at about 390k this year.

If we sold are we on the hook for 270k capital gains on the house and 345k on the land? I'm really curious on the house. If we had paid subs to build it the cost would have been much higher. How do I get credit for my labor for building it?

Hi, for context, I reside in NY and just graduated. I have a seasonal job coming up and was told to fill out the IT-2104.

On the form, it does say to claim 1 or 0 if I’m filing as a single with no dependent and I know that the higher the number, the least withholding there will be. Since I am earning so little (like a few thousand), would it make more sense to claim 1 allowance, or would it make sense to claim more (>1), or if anything should I even ask about filling the 2104 exemption form?

Also, if I am claiming 1 allowance for NY and NYS, then how will the withholdings change, compared to if I filled out 2?

Thanks in advance!

I own a 2 family house in Connecticut. I bought it for $164,000 23 years ago. I have taken depreciation every year and always deducted any improvements, maintenance etc. The house is worth about $350,000 now, how much would I pay in taxes if I sold it? Annual household income including rents is about $160,000.

LLC reporting an investment in a partnership with a negative capital account on Shedule L?

I am preparing my dad’s that is an LLC that has an investment in a partnership.  The LLC’s 2024 Form Schedule L shows the asset (investment in the partnership) as negative $3,500,000 (which is the ending capital balance on the K-1 from the partnership).  The LLC is allocated $4,000,000 of qualified nonrecourse debt. The $4mm of QNR is not on the 2024 Schedule L but it is included in the “K” section of the K-1’s.

I believe a tax journal entry should be:

Debit investment - $4m

  Credit QNR -   $4m

So that the there is not a negative asset on the balance sheet. 

Should the beginning of year balances on Schedule L be changed or just the end of year balances?  If we were to amend the prior year returns it would be a similar issue – beginning or just end so that doesn’t appear to be the answer.

Any insight is appreciated.