One thing I'd be concerned about is potential issues with other family members. When my grandfather passed, we found cash hidden in his home and it caused a HUGE family fight even though it wasn't nearly as much as you're talking about. If there's no documentation stating it was meant specifically for you, other family members might feel entitled to a portion, especially when it's such a large amount. Have you discussed this with your parents or siblings? It might be worth having those conversations before making any deposits, just to keep family relationships intact.

This is a complex situation that requires careful handling. First, I'd strongly recommend consulting with both a tax professional and an estate attorney before making any deposits. Here's why: The timing is crucial - since your grandfather passed 8 years ago, there may be statute of limitations issues that could work in your favor, but you need professional guidance to understand the implications. For the bank deposit, you're absolutely right that they'll file a CTR for amounts over $10k, but this isn't inherently problematic if you can document the source. I'd suggest preparing a written statement explaining: - When and where you found the money - Your grandfather's background (the Colombian business sale) - Any witnesses to his verbal statements about leaving you his "special savings" Consider having a family meeting before proceeding. Even if your grandfather verbally indicated this was for you, other family members may have legitimate concerns about such a large undisclosed asset from the estate. The IRS will likely have questions about why this money is surfacing now, but being proactive and transparent will help. A tax professional can help you prepare the proper documentation and determine if any estate tax issues need to be addressed. Don't rush this process - taking time to handle it properly will save you potential headaches later.

I ran into this question in my job as a traveling nurse. My agency reimburses per diem, but they specifically mention this "50 mile rule" in their policy. From what I understand after talking to our payroll department, the 50 miles is actually THEIR policy, not an IRS requirement. They use it as a simplified way to determine who qualifies for tax-free per diem. A company can set their own policies for reimbursement that are more restrictive than the IRS minimum requirements. So if you're getting per diem from your employer, check THEIR policy documents rather than just IRS publications.

As a tax preparer, I see this confusion about the 50-mile rule constantly during tax season. What many people don't realize is that the IRS actually uses a "sleep or rest" test rather than a specific mileage requirement. Publication 463 explains that you must be away from your tax home long enough to require substantial sleep or rest to meet the demands of your work. The 50-mile distance is more of a practical guideline that courts and the IRS use to help determine if overnight travel was truly necessary for business purposes. If you're traveling 30 miles but genuinely need to stay overnight due to early morning meetings or safety concerns, that could still qualify. Conversely, traveling 60 miles for a day trip wouldn't qualify for per diem. For audit protection, I always tell my clients to maintain a detailed travel log with business purpose, dates, locations, and why overnight stay was necessary. Also keep any employer communications about travel requirements - these carry significant weight with auditors.

I'm dealing with a very similar situation right now and this thread has been incredibly helpful! I had subsidized ACA coverage for the first half of 2023 while between jobs, then landed a contract position that pushed my annual income over the 400% FPL threshold. A few additional points that might help others in this situation: 1. **State-to-state moves matter**: Since you moved from Georgia to Colorado, that's definitely a qualifying life event that should have allowed you to make changes to your coverage without penalty. This might be worth mentioning if you end up speaking with the IRS. 2. **Quarterly estimated taxes**: For anyone reading this who might be in a similar situation in the future - if you get a job mid-year that significantly increases your income, consider making quarterly estimated tax payments. This can help avoid owing a large lump sum at tax time. 3. **Documentation is key**: Keep records of your unemployment period, job search activities, and the exact dates of income changes. This documentation can be helpful if you need to demonstrate that your initial subsidy eligibility was legitimate. The suggestions about IRA contributions and checking for missed deductions are spot-on. Even small changes to your MAGI can make a huge difference in whether you hit that 400% FPL threshold. It's worth exploring every option, especially since you've already paid the amount back.

This is such a frustrating situation, but unfortunately very common. I went through something similar a few years ago and learned the hard way that the ACA subsidy system is basically designed to catch people in exactly this scenario. One thing I don't see mentioned yet - if you're still within the statute of limitations (generally 3 years), you might want to double-check that the IRS calculated your repayment correctly. I've seen cases where they made errors in determining the final income or didn't properly account for household size changes. Also, since you moved states mid-year, make sure you're using the correct Federal Poverty Level guidelines. Some people get tripped up because the FPL can vary slightly by state/region, and if you moved from a lower-cost area to a higher-cost area, that might affect the calculation. The suggestions about maxing out an IRA contribution for 2023 are excellent - that $6,500 could potentially make all the difference in whether you hit that 400% threshold. Even if you've already paid, an amended return could get you a significant refund if it brings you under the cap where repayment limits kick in. Don't beat yourself up about not knowing this could happen - the ACA reconciliation process is poorly explained and catches thousands of people off guard every year.

I created an LLC for my freelance coding work last year and it's definitely made taxes more confusing. Does anyone have recommendations for tax software that handles LLCs well? I tried using H&R Block online but got totally stuck when trying to enter business expenses.

Having gone through this exact decision myself, I'd say for a $15k side gig, you're probably better off staying as a sole proprietor for now. The LLC won't provide any tax benefits at that income level - you'll still pay the same self-employment taxes and file Schedule C either way. The main advantage of an LLC is liability protection, but you need to weigh that against the ongoing costs and complexity. In Illinois (where you mentioned you're located), you'd pay $150 annually just to maintain the LLC, plus potentially higher tax prep fees. My recommendation: Start as a sole proprietor, get comfortable with the 1099 tax process first, and then consider forming an LLC if your contract income grows significantly. Make sure you're tracking all your business expenses properly - that's where you'll see real tax savings regardless of your business structure. Also, don't forget about quarterly estimated taxes! With $15k in additional income, you'll likely need to make quarterly payments to avoid penalties.

Great question about ATV documentation! For vehicles without odometers, you can track engine hours (most ATVs have hour meters) or create a simple usage log noting date, hours used, and specific business purpose. I keep a waterproof notebook in my ATV's storage compartment and jot down: "3/15 - 2.5 hrs - hauled gravel to back property fence repair" or "3/18 - 1 hr - inspected drainage issues after storm." Taking photos is huge - I have pics of my ATV loaded with tools, materials, and doing actual work at properties. Also keep receipts for anything you transport with it (building supplies, landscaping materials, etc.) as this helps prove legitimate business use. One tip: if you use it for any personal recreation, be honest about the percentage. It's better to claim 80% business use with good documentation than 100% business use that falls apart under scrutiny. The IRS respects honest record-keeping more than inflated claims.

One thing I'd add about the LLC vs sole proprietorship question - it really won't make a difference for tax purposes if you're already set up as a single-member LLC. Both are treated as "disregarded entities" by the IRS, meaning the income and losses flow through to your personal return either way. The bigger consideration is liability protection. Your LLC shields your personal assets if something goes wrong with the property management activities. If you create a separate sole proprietorship for the ATV and property management work, you'd lose that protection for those activities. Instead of restructuring, focus on proper documentation that the ATV is a legitimate business expense for your existing LLC. Keep detailed records of business use, take photos of it being used for property maintenance, and maintain receipts for business-related supplies you haul with it. The key is showing the ATV is ordinary and necessary for your rental property business operations. Also, don't forget about the Section 199A QBI deduction - if your rental activities qualify as a business (rather than just passive investments), you might be eligible for up to a 20% deduction on your pass-through business income, which could be more valuable than just the ATV depreciation alone.