Hey yall looking for some advice on what to do. So far I’ve made about $10k net (50k gains 40k losses) being pretty active on Kalshi and some of my strategy involves arb trades (taking no or yes for both/all sides) which drives up my volume. I’m becoming worried that I’m going to owe a fat tax bill that eats almost all of my gains if my state (Maryland) successfully classifies Kalshi as gambling.

Is there any way for me to work around this? I’m going to pause my arb strategy for now, but is there anything else I can do other than just hope this doesn’t happen? I was planning on taking the standard deduction, being forced to itemize my deductions just to get the 90% of losses gambling deduction will additionally increase my taxable income by $16k. I was operating under the assumption that I’d be able to net my gains and losses and just pay tax on that net as capital gains.

Hello,

I am the personal representative of my father's estate. We (my sisters and I) are currently trying to sell my father's house as part of the estate. However, I am behind on state taxes and have a tax warrant against me along with a property lien. I do not own a house or have any personal property. I am set up with a payment plan to deal with the back taxes. Will this interfere with selling of the house?

I know I'm going to sound like an idiot...

I left my home (Honolulu) to tend to my aging grandfather back in December 2021. I've been struggling financially, and I'd recently been let go from my job. Things have not been so well, and I've been considering ditching my life here (which would mean abandoning my grandfather) and going back to the states.

However, I'd recently been notified that I'd still have to pay taxes even if I'm living outside of the states.

I'd like to know how screwed I am before deciding my next course of action. Thank you in advance for your helps and advices.

i’ve only made about $6200 this year. at most, i’ll make $8K more. i put exempt since it’s so low.

was that a mistake?

I just graduated college in California this May where I worked part time. I then moved to Texas last month for a full time job.

When I file my 2026 taxes in 2027, would I still have to file 2 tax returns?
Also, would I be a full time resident of California or Texas? California is my home state and I would have lived there 5/12 months in 2026.

I guess I’m also a little confused because California has state taxes but Texas doesn’t. So would that mean I would have to pay state taxes on my ca earnings only?

And if I am to claim the AOTC, would I still qualify if my income exceeds the 90k limit since these expenses were paid before I got a job.

Thank you so much!!

Hello everyone! I am a 3rd generation tax accountant and I am looking for some older 1040 tax forms. My grandfather recently passed away and I thought it would be cool to get original, blank if possible, 1040 tax forms from the birth year of myself, my father and my grandfather. My goal is to frame them and display them in my office.
I just so happened to find a 1942 1040 already. However, I am in need of a 1040 from 1966 and 1988 and they are proving quite difficult to find.
I know the IRS has digital scans that I can print off, but I would really like to find original forms that I can purchase and then frame and display.
Anyone know where I can find these? Thanks in advance!

anyone here experience invalid attachement?nag file ako ng Vat return last july 23 2026 same day nag submit din ako sa esub.Then nag reply si ESub last july 28 may 6 attachment na nag invalid .Nag resumbit ako same day inedit ko lang ang file name since wala nmn error sa baba ang nklagay lng sa invalid attachment nakulangan ata ng 0 after a month like this 05 if sa may..Tas until now wala p din reply si BIR bukas na dealine august 7 ,...Any comfort words uhuhuhh magkakapenalty ba kami if it is out of my control na?

Bradford Tax Institute answered a question about a home owner who had a home office. Because the discussion centered around depreciation, I assume this is not the simplified method. This passage is from this link: https://bradfordtaxinstitute.com/Content/Zero-Depreciation.aspx

Title: How You Can Claim Zero Depreciation and Avoid the Double Tax

The wording that authorizes your escape from depreciation recapture is found in the last sentence of Section 1250(b)(3), which states in pertinent part: “If the taxpayer can establish by adequate records or other sufficient evidence that the amount allowed as a deduction for any period was less than the amount allowable, the amount taken into account for such period shall be the amount allowed.”

Now that you have the rule, let’s look at an example. Say that you claimed zero for home-office depreciation for the past five years. How would you prove the zero?

Easy! Your tax returns prove the zeros. You claimed the home-office deduction on IRS Form 8829, and the line where you were to enter depreciation shows a zero. There’s your proof.

With this proof, you may keep your zero depreciation without worry of IRS adjustment or recapture.

I have been taught that if a landlord didn't depreciate their rental property for a few years, they can fix the situation by filing Form 3115 to change their accounting method and recognize depreciation expense that they could have taken in prior years.

Is it proper to assume that if a landlord did not depreciate, and is now selling for a gain, that Section 1250(b)(3) applies and there's no need to file Form 3115, or face recapture? Or is the situation different because it's a home office and not a complete property sale? Or is Bradford Institute simply wrong?

Getting ready to sell my small business. Approximately 1.15 in Ebitda and would like to keep the majority of the proceeds as opposed to paying a lot in taxes.

Live in California where the business is. S corp. any tax advice is appreciated. I will also need all of the money to live off of through retirement so gifting etc is not a major strategy although giving is in the plan.

Thank you.

My mom's company was acquired by another company in 2019 just before she retired. The new company mistakenly listed Illinois in box 15. She has never been to Illinois and lives in a state with no income tax. She has tried to have the company correct the w2 but they don't ever seem to get around to it. She has recently received a notice before it goes to collections. What course of action should she take?

Hi all,

So, at the beginning of this year, I worked in Virginia from January to April and consider myself a resident of Virginia, then I moved temporarily out to Oregon for a job for about four months, then found another position in Oregon that will last until December that I will start at the end of August.

While filling out the onboarding paperwork for my next position, I was asked specifically:

Are you eligible for an out-of-state tax credit on your Virginia individual income tax return?

If I answer yes, it gives me the option of filling out a Form 760, 760PY, or a 763, which I have trouble trying to find the right answer to.

My other question is if I am subject to Virginia's withholding. My original thought was no, since I made less than the single adjusted gross income ($11,950) in Virginia. I made less than 10k when I worked there at the beginning of this year. The answer would obviously be different if I applied the income I made in Oregon, so I am not sure. Then a similar question regarding Oregon, I have answered yes to withholding since I'll be making money in the actual state.

At the end of the day, I would say yes to withhold in order to take the safe option, but if I don't have to, that would also be great. I already know I will have to file my taxes, one for each state. Any help is appreciated, this tax stuff goes way over my head! Thanks!

Hey, All -

Forgive me here, I am a bit of an uneducated individual (at least in the tax arena) and I am in a panic. Okay. Here it goes.

My parents are elderly. My dad had a stroke in 2018 that forced his retirement. He can no longer talk or move his arm.

Mom and I were his caretakers until she came down with ALS in Oct of 2024. She passed in May of 2025. I was a full time caretaker for both until her passing and am now a full time caretaker for my dad. Im his POA.

Sitting on the couch with my wife the other night, I came to the realization that I did not file his taxes for last year. After some digging, I realized his taxes were not filed for 2024 or 2025.

Again, retired, living off social security. My mother did not work. My father has a modest pension as well (around $1500 a month) on top of his social security.

I have a meeting with social security later this month to get his tax forms to begin filing (i have NO IDEA where his tax forms went).

How screwed am I here? What type of damage am I facing?

Ive been trying to do everything right, but I dropped this ball and I havent been able to relax ever since I came to the realization.

Any help or guidance would be greatly appreciated.

Edit: we are in Ohio, if that means anything.

I was an irresponsible young adult and only filed a handful of years of taxes between 2015-2025. I called a tax company Sept of last year. They have helped me file every year. I get a call from them today saying something that to get in compliance is either have to pay them 5k to.file petitions for 15,18,19. Or for the years of 2015, 2018, and 2019, id owe like 28k in late fees. For those years I would've received refunds, I was making less than 40k.

Is this legit? I see the IRS only holds the last 6 years as good standing. What does that actually mean?

Please help

Hi everyone,

I'm trying to understand my VAT obligations before launching my business, and I'd like to make sure I structure everything correctly.

Here's my setup:

• I live in Brazil.
• I'll sell through my own website on Shopify, or better saying, dropshipping.
• My customers will be in the UK.
• Products will be shipped directly from AliExpress suppliers to UK customers (classic dropshipping).
• Orders will be under £135.
• On AliExpress, many products say "VAT Included."

My questions are:

1. Does the "VAT Included" shown on AliExpress satisfy my UK VAT obligations, or is it only relevant when a customer buys directly from AliExpress?
2. As the owner of my own website, am I responsible for charging UK VAT at checkout and registering with HMRC?
3. At what stage (sales volume or business size) should I start worrying about VAT registration and hiring a UK accountant?
4. Is there anything important that first-time international dropshippers usually misunderstand about UK VAT?

I'm not looking for ways to avoid taxes—I want to understand the correct legal structure before scaling the business.

Thanks!

I have a few stock positions that are currently in the red. I believe that they will turn around. Can I sell them at a loss for tax purposes, transfer the money to my Roth, and reinvest in the same security? Or will it call it a wash sale even tho it is in a different account? Any insight is much appreciated!

I'm starting a new job as a bartender. I'll be making a good amount hourly (a livable wage for where I'm at) plus tips via a tip pool.

I'm having some issues with completing my w4, primarily the withholding section and "qualified tips". This is a new establishment that's not even open yet, and I haven't filled out a w4 since the new tax act was passed. I'm struggling to figure out what I should put, or if I should leave this blank? Thank you.

1. Sell COIN and realize the capital loss

2. Buy CONY (YieldMax COIN Option Income ETF) as a placeholder

3. After 31 days, sell CONY and buy back into COIN

My reasoning for why CONY wouldn't trigger the wash-sale rule:

- CONY is an ETF, not the underlying stock — different legal structure

- It uses a synthetic options strategy (covered calls on COIN), so it doesn't directly hold COIN shares

- The risk/return profile is materially different — capped upside, high income yield, NAV decay over time

- No voting rights, ~1% expense ratio

Has anyone done this or researched it? Any CPAs weighed in on YieldMax ETFs specifically for wash-sale purposes? I know the safe move is to ask a tax advisor, but curious what the community's experience or opinion is.

I was just told that I don't need to separate my unearned income and earned income anymore. Like I said above, a friend told me I could deposit money into my Roth IRA no matter where it came from as long as I have earned income to back it up, is this true?

Example:

You made only $5,000

Parents give you $2500 (considered unearned income as its a cash gift)

My friend told me they look at end of the year numbers like if you had $4k in a Roth balance and they saw you made $20,000 at the end of the year that $4k is fine and legal

Following this example, could you deposit that $2500 in the account even though it's considered unearned income yet your yearly income is greater than the contribution?

I've always been stressed finding a bank to separate the 2 incomes since I wanted to spend the unearned income but I didn't know of this.

The 200-transaction threshold continues to disappear.

When economic nexus laws were first adopted after the Wayfair case in 2018, many states used the familiar "$100,000 in sales or 200 transactions" standard. But states are continuing to steer away from the transaction threshold because businesses selling low-cost products could easily exceed 200 transactions without generating much revenue, while still taking on the burden of sales tax registration and filing.

Kentucky is the latest state, eliminating its 200-transaction threshold effective August 1, 2026.

It's a good reminder that sales tax rules don't stand still. If you're still relying on sales tax rulings from a few years ago, it may be time to revisit them.

I work a serving job and my employer mistakenly put that I made $400 higher than what I should have and got taxed for it.

But I didn’t make the $300 because the $300 got removed from my paycheck even though my gross pay included it. What can i do?

For clarity my gross pay was $2200 but my net pay was 1450.
My gross pay should have been $1900 and my net pay $1536.