I'm working on this exact same situation for my Romanian SRL and wanted to share some additional insights after going through most of the process. One thing I discovered that might help others: if you're unsure about any section of the SS-4, the IRS actually has a dedicated helpline for international applicants at 267-941-1099. While it's still difficult to get through (definitely recommend that Claimyr service others mentioned), they can provide specific guidance for foreign entity classifications before you submit. Also, for Romanian SRLs specifically, I confirmed with an IRS representative that "C - Corporation" is indeed correct, just like other European limited companies mentioned here. The agent explained that most European limited liability companies fall under this classification because they share the key characteristics: separate legal entity status and limited liability for owners. I'm still waiting on my EIN (submitted 2 weeks ago via the international fax), but everything seems to be processing normally. The address formatting advice from previous comments was spot-on - I used the exact format from my Romanian business registration with "ROMANIA" clearly marked at the end. Thanks to everyone who contributed their experiences here - it made navigating this process much less stressful!

I've been following this thread as someone who recently completed the EIN application process for my Hungarian Kft., and I wanted to add a few observations that might help future applicants. First, the C-Corporation designation advice here is absolutely correct - I can confirm this worked perfectly for my Hungarian limited company. The IRS processed it without any questions or delays. One thing I'd add that I haven't seen mentioned: if you're applying during peak tax season (January-April), expect longer processing times. I submitted my SS-4 in March and it took nearly 4 weeks instead of the typical 2-3 weeks others have reported. The IRS international line confirmed this was due to higher application volumes during tax season. Also, regarding the international fax number (+1-304-707-9471), I recommend calling your fax service provider first to confirm they can send to US numbers. Some European fax services have restrictions on international transmissions that I discovered the hard way after my first attempt failed. For anyone still on the fence about those callback services mentioned earlier - I was initially skeptical but ended up using Claimyr when I needed to check my application status. It genuinely worked as described and saved me hours of frustration trying to get through on my own. The key takeaway is that this process is very manageable once you know the right steps. European limited companies should confidently select C-Corporation, use "Banking purpose" if that's your intent, and be patient with processing times. This community's collective experience makes it much easier for newcomers to navigate successfully.

This thread has been incredibly helpful - I'm dealing with a similar situation where our partnership has what we thought was straightforward non-recourse debt on a retail property, but after reading all these responses, I'm realizing we need to dig deeper into our loan documents. One thing I'm curious about that hasn't been fully addressed: how do these classifications interact with state partnership laws? I know some states have different rules about partner liability, and I'm wondering if that could override or modify what's in the federal tax code. Also, for those who've gone through loan document reviews with attorneys - roughly what should someone expect to pay for this kind of analysis? We're trying to budget for getting our documents properly reviewed, but I don't want to get hit with a massive legal bill if this is something that should be relatively straightforward for an experienced real estate attorney. The springing guarantee provision that Noah mentioned is particularly concerning - that seems like it could create liability in situations where you're still making all your payments but just hit some bad months with vacancies or rent reductions. Has anyone else encountered this type of provision?

This whole discussion really highlights how complex these debt classifications can be! I'm working through a similar issue with our partnership's office building loan, and it's clear that what seems straightforward on the surface often isn't. One thing I'd add is the importance of understanding how these classifications affect your Schedule K-1s. Our tax preparer explained that partners can have different basis and at-risk amounts even with the same debt, depending on who signed guarantees or how the partnership agreement allocates responsibility. For example, if you're a limited partner who didn't sign any guarantees, you might not be able to deduct your share of losses even if the general partner can. This came as a surprise to us when we were planning our tax strategy - we assumed all partners would be treated the same way. Also worth noting that these classifications can change over time. What starts as non-recourse debt might become recourse if partnership agreements are amended or if certain trigger events occur in the loan documents. We learned to review our debt status annually, especially before making any major partnership decisions.

Has anyone had experience with the IRS actually catching and auditing someone over 1098-T scholarship overages? I'm in the same boat with my son having about $14k in excess scholarship and I haven't been reporting it for two years now...starting to get nervous after reading this thread!

Your tax preparer's casual approach is really concerning. The IRS has specific rules about scholarship income, and Publication 970 clearly states that scholarship amounts exceeding qualified education expenses are taxable to the student. Even though your daughter is your dependent, she still needs to file her own return if she has taxable income above the filing threshold. The $16,000 difference you mentioned would likely put her over the standard deduction limit, meaning she'd need to file and pay taxes on that excess amount. The college reports this information to the IRS via Form 1098-T, so they have the data to potentially flag discrepancies. I'd strongly recommend getting a second opinion from a CPA who specializes in education tax issues. While many people might not get caught, intentionally ignoring reportable income isn't worth the risk of penalties, interest, and potential audit issues down the road. Better to handle it correctly from the start.

Thanks for sharing your detailed experience with Hometap! The refinancing complication is something I hadn't considered - that's really valuable to know. I'm curious about the appraisal you mentioned getting after the fact. Did you have to pay for that out of pocket, or did Hometap cover it? And how did you handle the documentation of improvements - are you keeping receipts for everything, or did your CPA recommend a specific tracking system? I'm also wondering about the psychological aspect you mentioned. Do you find yourself thinking differently about home improvement decisions now that you know Hometap will benefit from some of the appreciation? Like, are you more or less motivated to invest in upgrades?

I've been researching these equity sharing agreements myself and found some additional considerations that might be helpful. One thing that's often overlooked is the state tax implications - some states treat these arrangements differently than federal tax law. For example, California has specific rules about how these agreements are treated for state income tax purposes. Also, if you're considering this route, make sure to understand the valuation methodology in your agreement. Some companies use automated valuation models (AVMs) while others require professional appraisals at settlement. This can significantly impact your final tax calculation since the valuation method affects how much appreciation is subject to the sharing arrangement. I'd strongly recommend getting a tax professional involved BEFORE signing any agreement, not after. They can help you structure the deal optimally and ensure you're documenting everything correctly from day one. The documentation requirements are much more extensive than a typical home sale, and getting it wrong can be costly when it comes time to settle up with the IRS.

I work in financial services (not for Schwab). The account summary you're seeing is something we call an "information statement" - it's for your reference but not an official tax document. Usually this happens when: 1. The amounts don't meet reporting thresholds for the specific entity 2. There's a consolidation happening with reporting 3. They're planning to issue a corrected/consolidated form later If it explicitly says it's not reported to IRS, you MUST still include it on your return. The IRS requires taxpayers to report all income regardless of whether they receive a form. This is one of those weird situations where the burden is on you even though it seems like it shouldn't be.

I went through something very similar when Charles Schwab acquired TD Ameritrade. What you're experiencing is actually pretty common during these large brokerage mergers. The "Account Summary" they're providing is essentially their way of giving you the tax information without issuing a formal 1099. Here's what likely happened: Schwab is treating your account as part of a transitional reporting period. Even though you had significant dividend income ($1,300+), they may be consolidating reporting or waiting to issue corrected forms later in the year. Some brokerages do this when accounts transfer mid-year to avoid duplicate reporting issues. Regardless, you absolutely need to report that income on your tax return. Use Schedule B for the dividend income and report the interest on Form 1040. The fact that they explicitly state it's "not being reported to the IRS" actually protects you - it shows you're aware of the income and are voluntarily reporting it correctly. I'd recommend keeping that Account Summary with your tax records and maybe calling Schwab one more time to ask if they plan to issue any corrected forms later. But don't delay your filing - report the income now using the summary information.