The Get Transcript service likely won't have 2024 W-2 info available yet. Those records usually don't show up until much later in the year since employers have until Jan 31 to submit them and then the IRS needs processing time. Great option for prior years though!

You're right - I should have been clearer about that. The current year W-2s usually don't appear in the transcript system until late February or March. It's definitely more reliable for previous years' information. Still might be worth checking in another few weeks if the employer still hasn't provided the W-2. The IRS can sometimes process them faster than expected, especially if the employer e-filed their forms early.

Omg thank you for mentioning this! What exactly are the quarterly deadlines? And how much should I be setting aside? I had no idea this was required.

The quarterly deadlines are usually April 15, June 15, September 15, and January 15 of the following year. The general rule is you need to pay at least 90% of your current year's tax or 100% of last year's tax (whichever is smaller) to avoid penalties. For most drivers, setting aside 25-30% of your net income (after deducting expenses) is a good starting point. It depends on your tax bracket and whether you have other income though. The IRS has a form called 1040-ES that helps calculate what you owe, or you can use their online withholding estimator. I personally just use the IRS Direct Pay website to make my quarterly payments - it's pretty straightforward once you get the hang of it.

Wouldn't that approach be risky though? If you're not actually running a business of making referrals, couldn't claiming business expenses trigger an audit flag? Seems like you'd be creating a bigger issue just to save a small amount on SE tax.

You make a good point about the potential risks. While you can legitimately deduct expenses that were ordinary and necessary for earning that income, you're right that claiming business deductions against a small amount of referral income could draw more scrutiny than it's worth. The key issue is really whether the activity rises to the level of a "trade or business" rather than just a one-off or occasional activity. If these were just a few referrals made to friends without any systematic approach or intention to continue generating income this way, the stronger position would be reporting as other income on Schedule 1 rather than creating a Schedule C business that doesn't really exist.

You're right - I double-checked and it is indeed in Box 3 for Other Income! I didn't realize TurboTax might be automatically categorizing it incorrectly. Do you know where in TurboTax I can override this to make sure it goes on Schedule 1 instead of Schedule C? I'm definitely not running a referral business, these were just one-time bonuses for getting a few friends to join the platform.

In TurboTax, you should be able to find the override option when you're in the section where it shows your 1099-MISC. Look for something like "Review" or "Edit" next to the form, then there should be an option to change how the income is categorized. You might see choices like "Business Income" vs "Other Income" - make sure to select "Other Income" so it flows to Schedule 1 instead of Schedule C. Since it's in Box 3, you're absolutely right that this shouldn't be treated as self-employment income. The investment platform clearly categorized it as miscellaneous income rather than compensation for services, which supports your position that these were just occasional referral bonuses and not a business activity.

QPRTs are mainly useful if you have a large estate that would be subject to estate tax (currently over $13.6 million for individuals or $27.2 million for married couples in 2025). If your estate is smaller than that, there may be better options. With a QPRT, you typically still get the mortgage interest deduction during the term of the trust because it's structured as a grantor trust during that period. But once the term ends and the property passes to your beneficiaries, you'd lose the deduction if you're still making mortgage payments.

For finding historical prices, I usually check the Wayback Machine (web.archive.org) to look at old eBay sold listings or retail websites from when I bought the item. For computer parts specifically, sites like PriceGrabber and Newegg often have their old pages archived. You can also try searching "[item name] price [year]" in Google and look for old forum discussions or tech review sites that mentioned pricing. For the home office deduction, you have two options: the simplified method (up to 300 square feet at $5 per square foot) or the actual expense method where you calculate the percentage of your home used for business and deduct that percentage of your home expenses. I use the simplified method because it's way easier - just measure your storage/photo area and multiply by $5, up to $1,500 max deduction. Make sure you're using that space regularly and exclusively for your eBay business though!

For finding historical prices, I usually check eBay's "sold listings" feature which shows what similar items actually sold for in the past (you can filter by date ranges). For electronics and computer parts specifically, sites like PriceCharting.com are great for vintage gaming/computer stuff, and sometimes you can find old Amazon or Newegg cached pages through the Wayback Machine. For the home office deduction, it's actually pretty straightforward! You can either use the simplified method (up to 300 sq ft at $5 per square foot) or calculate the actual percentage of your home used exclusively for business. I just measure the area where I store inventory and do photography/listing work. Keep in mind it needs to be used "regularly and exclusively" for business - so your kitchen table doesn't count, but a dedicated corner of your basement or spare room would. The key is "exclusively" - if you also use that space for personal stuff, you can't deduct it. But if you have a dedicated area just for your eBay business, even if it's small, it can add up to meaningful savings!

@a23fde8ab505 Great question about the line between personal and business sales! The IRS generally looks at factors like frequency, profit motive, and whether you're actively seeking buyers. Since you bought 10-15 items specifically to flip, those would definitely be business transactions that need to go on Schedule C. The personal items you sold at a loss can be treated separately - you don't owe taxes on those losses, but you also can't deduct them. For finding a tax pro who understands online selling, I'd recommend looking for Enrolled Agents (EAs) rather than just CPAs. EAs specialize in tax law and many have experience with e-commerce. You can search the IRS directory at irs.gov/tax-professionals. Also try searching for "e-commerce tax specialist" or "online seller CPA" in your area - many advertise this specialty now since it's become so common. Another tip: when you call potential tax preparers, ask them specifically about Form 1099-K reporting and Schedule C for online sellers. If they seem confused by those terms, keep looking! The right professional should immediately understand what you're dealing with.

@a23fde8ab505 Great question about the line between personal vs business sales! The IRS generally looks at your intent and regularity. Since you started buying items specifically to resell, those 10-15 flipped items would definitely be considered business activity and should go on Schedule C. The personal items you sold at a loss can be treated separately - you don't owe taxes on personal losses, but you also can't deduct them. You can absolutely separate them on your taxes! I keep two different tracking sheets - one for personal items I'm decluttering and one for items I buy with the intent to resell. This makes it much clearer when filing. For finding a tax pro who understands online selling, I'd suggest looking for CPAs who advertise experience with "gig economy" or "e-commerce" clients. You can also check if any local CPAs have written articles or given talks about online selling taxes - that usually means they actually get it. The AICPA website has a CPA finder tool where you can search by specialty. Don't be afraid to ask potential CPAs specific questions about marketplace selling during your initial consultation to gauge their knowledge level!