I've been dealing with a similar situation and wanted to share what I learned from my CPA. The most important thing is to distinguish between a true "worthless security" and a security that was acquired at a minimal value. Based on your description, it sounds like your First Republic shares likely went through the JPMorgan acquisition process rather than becoming truly worthless. Here's what you should do: 1. **Get the facts first**: Call your broker and request the "Corporate Action Notice" for First Republic Bank from May 2023. This will tell you exactly what happened - whether you received cash, JPMorgan shares, or nothing at all. 2. **If you received ANY compensation** (even pennies): This is a regular sale transaction. Use the actual acquisition date, your original cost basis, and whatever you received as proceeds on Schedule D. 3. **For the limit order problem**: Since your shares show $4 value, set your limit price at or below the current bid price (maybe $0.01 per share). This will execute immediately and create the taxable event you need. 4. **Avoid the worthless security claim** unless you truly received zero compensation. The IRS audits these heavily, and if you received even minimal payment, it doesn't qualify. The good news is that either way, you'll be able to claim most of your $5.5k as a capital loss. The documentation from your broker will make everything clear and defensible if questioned.

I went through this exact same situation with my First Republic shares last year, and after working with my tax preparer, here's what we discovered: The key is determining what actually happened during the JPMorgan acquisition. Most retail shareholders of First Republic did receive some minimal compensation - often around $0.00-$0.50 per share - rather than having truly "worthless" securities. Since your shares still show $4 value in your account, this strongly suggests you received something in the acquisition process. Here's my recommendation: 1. **Contact your broker immediately** and ask for the "Corporate Action Statement" or "Reorganization Details" for First Republic Bank from May 1, 2023. This document will show exactly what you received. 2. **For your limit order issue**: Set your limit price at $0.01 per share (or whatever minimal amount ensures execution). Since your total position is only worth $4, this will execute immediately and give you the realized loss you need. 3. **Report it as a regular sale on Schedule D**: Use May 1, 2023 as the sale date, your original $5.5k as the cost basis, and whatever minimal amount you received as proceeds. 4. **Avoid claiming "worthless securities"** unless you truly received $0. The IRS heavily audits these claims, and if you received any compensation (even pennies), it doesn't qualify. The bottom line: You'll still be able to claim nearly your entire $5.5k loss as a capital loss, but make sure you have proper documentation from your broker first. Don't let the complexity paralyze you - this is actually a fairly straightforward transaction once you get the right paperwork.

Just to add another perspective as a green card holder who went through this - don't forget about state tax implications too! Some states have their own foreign asset reporting requirements that are separate from federal forms. I bought a small apartment in Europe a few years ago and while I handled the federal Form 8938 correctly, I almost missed that my state (California) had additional disclosure requirements for foreign investments. Each state is different, so definitely check with your state's tax authority or a tax professional familiar with your specific state's rules. Also, keep really good records of the purchase price, any improvements you make, and the exchange rates on all transaction dates. If you ever sell the property, you'll need all this for calculating capital gains/losses on your US return. The IRS documentation requirements for foreign property transactions are pretty strict.

As someone who recently went through this exact situation as a green card holder, I can confirm that yes, you'll likely need to report the foreign property purchase even if it's just for personal use. The key thing to understand is that the US taxes based on your tax residency status (which includes green card holders), not just where the property is located. Here's what I learned from my experience: If the property value exceeds the Form 8938 thresholds ($50,000 for single filers living in the US), you'll need to report it. Even if it's below that threshold, it's smart to keep detailed documentation of the purchase price, transaction dates, and exchange rates used - you'll thank yourself later if you ever sell or if thresholds change. One practical tip: when you're ready to make the purchase, consider consulting with a tax professional who specializes in expat/green card holder situations before completing the transaction. They can help you structure things properly from the start and avoid any compliance headaches later. The reporting requirements can seem overwhelming at first, but once you understand what applies to your specific situation, it becomes much more manageable. Also, don't forget to factor in any foreign bank accounts you might need to open for the property - those could trigger separate FBAR reporting requirements if they exceed $10,000 at any point during the year.

This is absolutely a red flag and you're right to be concerned. I work in banking compliance and can tell you that sharing login credentials violates virtually every bank's terms of service - if fraud occurs, your dad could be held liable since he willingly shared his access. The accountant's refusal to provide her SSN for read-only access is particularly suspicious. Licensed accountants routinely provide their SSN for client verification - it's standard practice. Her avoidance of this suggests she either isn't properly licensed or is trying to avoid creating an audit trail. Your dad should immediately: 1. Change his banking passwords 2. Set up read-only access through the bank's proper channels 3. If she still refuses, find a new accountant There are legitimate accounting software solutions that provide secure access without compromising bank credentials. Any accountant who insists on full login access in 2025 is either incompetent or potentially fraudulent. Trust your instincts on this one.

As someone who works in financial fraud prevention, I can't stress enough how dangerous this situation is. Your dad's accountant is essentially asking for the keys to his financial kingdom, and her refusal to go through proper channels is a massive red flag. I've seen this exact scenario play out dozens of times - it usually starts with "just need access for bookkeeping" and ends with missing funds and a devastated business owner. The fact that she won't provide her SSN for legitimate read-only access tells you everything you need to know about her intentions. Here's what I'd recommend: Have your dad call his bank directly and ask them to walk through the proper accountant access options. Most banks have secure portals specifically designed for this purpose. If she still refuses these legitimate channels, that's your answer - find a new accountant immediately. Don't let your dad's trust override basic security practices. A legitimate accountant will understand and appreciate clients who insist on proper procedures. The sketchy ones will make excuses and push back, which is exactly what's happening here.

Just went through this same confusion last month! Code 806 is definitely the amount withheld from your paychecks throughout the year - it's money you already paid to the IRS. When you add it to your bottom line refund amount and it equals what you expect, that's actually a good sign! It means your withholdings are covering your tax liability properly. The 806 amount gets applied as a credit against what you owe, and whatever's left over becomes your refund (which will show up as code 846 when it's processed). So you're not getting the 806 amount ON TOP of your refund - it's already factored into the calculation. Hope that clears things up!

The 806 code can definitely be confusing at first! To put it simply - code 806 shows the total federal income tax that was withheld from your paychecks throughout the year. This is money you've already paid to the IRS, so it acts as a credit on your account. When you're calculating your refund, the IRS takes all your credits (including that 806 withholding amount) and subtracts your actual tax liability. Whatever's left over becomes your refund. So if adding the 806 amount to your expected refund gives you the total you think you should get, that suggests your math is on track! Just remember to look for code 846 on your transcript - that's when your actual refund gets sent out. The 806 is just showing the IRS recognizes the payments you already made through payroll deductions.

The IRS and their systems are such a joke fr. Billion dollar budget and cant even keep a website running 🤡

I'm experiencing the exact same issue! Was able to check my refund status perfectly fine around 8 AM this morning, but now getting that same "Refund status unavailable" message. Really annoying timing since I was expecting an update today. Glad to know it's not just me - seems like a widespread system issue rather than something wrong with our individual accounts. Hopefully they get it sorted out soon!