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Raul Neal

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I went through something similar with another bankrupt stock last year. One thing that helped me was creating a simple spreadsheet documenting everything - purchase date, amount invested, bankruptcy filing date, final liquidation date, and any final payments received. This made it much easier when filling out Form 8949. Also, don't forget that if your capital losses exceed $3,000 for the year, you can carry forward the remaining losses to future tax years. With a $2,681 loss ($2,700 - $19), you'll likely be able to use some of it to offset future gains or continue deducting $3,000 annually until it's exhausted. Keep all your brokerage statements and any communications about the bankruptcy - the IRS could ask for documentation if they have questions about your worthless security deduction.

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Zainab Yusuf

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This is really helpful advice about creating a spreadsheet to document everything! I'm new to dealing with worthless securities and hadn't thought about organizing it that way. Quick question - when you say "final liquidation date," is that the same as the date the stock became worthless? I'm trying to figure out the exact date to use for my BBBY shares since I've seen different suggestions in this thread about using the actual bankruptcy court date vs. December 31st as a default.

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StarSurfer

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Great question! The "final liquidation date" and "worthless date" can be slightly different. For BBBY specifically, the stock became worthless when the bankruptcy court confirmed that shareholders would receive essentially nothing - this happened in September 2023 when the liquidation plan was approved. The "final liquidation date" would be when you actually received that final $19 payment in October 2023. For tax purposes, you should use the earlier date when the shares became worthless (September 2023, or December 31, 2023 as a safe default) as your "sale date" on Form 8949. The spreadsheet I mentioned helps track both dates since they're relevant for different reasons - the worthless date for tax reporting and the liquidation date for documenting any final proceeds you received. The IRS generally accepts December 31st of the tax year when securities became worthless if you can't pinpoint the exact bankruptcy court date, so that's probably your safest bet for BBBY.

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One additional tip that saved me a lot of headache - make sure to report this as a capital loss, not an ordinary loss. I initially tried to claim my worthless stock as an ordinary business loss since I considered myself an "active trader," but the IRS will almost certainly classify individual stock investments as capital transactions unless you're a registered securities dealer. This means your $2,681 loss from BBBY will be subject to the capital loss limitations (up to $3,000 per year against ordinary income), but the good news is any unused portion carries forward indefinitely. Given the size of your loss, you'll likely be able to use it all within a year or two. Also, double-check that you're reporting this in the correct tax year. Since BBBY went through bankruptcy in 2023, this loss should be claimed on your 2023 tax return, not 2024, even if you're just now preparing your taxes. The worthless security rules are based on when the stock became worthless, not when you "realized" or documented the loss.

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Did your grandfather's estate go through probate? Just wondering because my uncle left me money but the estate is still in probate and i haven't gotten anything yet. It's been like 8 months!

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Probate can take FOREVER. My dad's estate took almost 2 years to go through probate before I got my inheritance. It depends on how complicated the estate is, if there are any disputes, and how efficient the courts are in that state. Hang in there!

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Just wanted to share my experience since I went through something similar last year. My grandmother left me about $52,000 and I was panicking about taxes too. The good news is that everyone here is right - you don't owe federal income tax on the inheritance itself. However, make sure you keep good records of when you received it and the amount. While you won't need to report it as income, it's good documentation to have. Also, if you decide to invest that money, keep track of your original $47,000 so you know your basis for any future investments. One thing that helped me was setting aside a small portion in a separate savings account just for any potential tax obligations on future earnings from the inheritance. That way I'm not tempted to spend money I might owe taxes on later. California doesn't have inheritance tax like you mentioned, so you're all set there too. Congratulations on the inheritance - I'm sure your grandfather would be happy knowing it's helping you!

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That's really smart advice about setting aside money for future tax obligations! I never thought about doing that. Since I'm new to all this inheritance stuff, should I be keeping any specific documents from the estate? The executor mentioned something about getting paperwork but I wasn't sure what was important to hold onto for tax purposes.

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Do I need to report Amazon Vine Program free products on my taxes?

So I just got invited to join the Amazon Vine program as a reviewer (super excited about this!), but now I'm confused about the tax stuff. For those who don't know, Amazon Vine sends free products to reviewers who then write honest, detailed reviews. I've been working on my review quality for ages, so getting in was awesome! Here's where I'm stuck - when signing up, they required my SSN which made me nervous, but I provided it anyway. Now they're saying something about reporting the "tax value" of all the free items I receive through the program. I've tried reading through Amazon's explanation, but I'm still confused about how this works, especially the $600 figure they keep mentioning. I'm still in high school and don't really understand taxes yet. My parents handle all that stuff, but I haven't told them about this program because I'm worried they'll make me quit if they think it'll cause tax headaches. Can someone explain in simple terms what I need to know about the tax implications here? Do I actually have to pay taxes on these free products? Does something special happen when you hit $600 in value? How does this work when I don't even have a regular income yet? Any help would be really appreciated! Update: I ended up leaving the Vine program after about a year. While it was cool getting free stuff to review, the tax situation was way more complicated than I expected. The program has changed a lot since I was in it, but the tax reporting requirements seem to be a major turnoff for many reviewers.

Salim Nasir

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This thread has been incredibly helpful! I'm also a student who just got invited to Amazon Vine and was completely overwhelmed by the tax implications. Reading through everyone's experiences has made me feel much more confident about participating. A few key takeaways I'm getting: 1. Keep detailed records from day one (screenshots of tax values, spreadsheet tracking) 2. Set aside money throughout the year for potential taxes (15-25% suggestion seems smart) 3. Even amounts under $600 technically need to be reported 4. If you're serious about reviewing, treat it like a business for potential deductions One question I still have - for those of you who've been doing this for multiple years, have you ever been audited specifically related to Amazon Vine income? I'm wondering how common that is and what kind of documentation the IRS would want to see if it happened. Also, does anyone know if there are any changes coming to how Amazon handles the tax reporting for Vine? I've heard rumors that they might start issuing 1099s for smaller amounts, but I'm not sure if that's true. Thanks everyone for sharing your experiences - this community is awesome for helping navigate these confusing tax situations!

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Welcome to the community! I'm glad this thread has been helpful for you. As someone who's been in the Vine program for about two years now, I can share some insights on your questions. Regarding audits - I haven't been audited personally, but I know a few Vine reviewers who have had their returns selected for review. The IRS typically wants to see the same documentation we've been discussing: records of items received, their tax values, and evidence of any business deductions you've claimed. One person I know said the IRS was actually pretty understanding once they explained the Vine program and showed their organized records. As for changes to Amazon's reporting, I haven't heard anything official about lowering the 1099 threshold below $600, but Amazon has been making the tax tracking easier on their end. They added that year-to-date tracker in the dashboard, and I've noticed they're more consistent about showing tax values upfront now. One tip I'd add to your great summary - consider using a dedicated email folder or document to save all your Amazon Vine correspondence. Sometimes Amazon sends updates about tax policy changes or clarifications that can be helpful to reference later. You're approaching this with exactly the right mindset. The tax part seems scary at first, but with good record-keeping from the start, it's totally manageable!

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Yara Nassar

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I've been in Amazon Vine for about 3 years now and wanted to share a few additional tips that might help newcomers navigate the tax side more smoothly. First, don't panic about the tax implications - yes, it's real income that needs to be reported, but if you're organized about it, it's very manageable. I use a simple Google Sheet with columns for: Date Received, Product Name, Amazon's Tax Value, and Notes. Takes maybe 2 minutes per item to log. Second, here's something I learned the hard way - Amazon's "Estimated Tax Value" can sometimes change between when you order an item and when it arrives. I always screenshot both the order confirmation AND the final tax value shown in my account after receiving the item. This has saved me during tax prep when values didn't match my initial records. Third, if you're a student with minimal other income, you might be surprised at how little tax you actually owe. In my first year, I received about $1,200 in products but only owed around $180 in additional taxes because of the standard deduction and my low income bracket. Finally, consider talking to your parents sooner rather than later if they claim you as a dependent. Mine were initially worried but became supportive once I showed them my organized tracking system and explained the potential tax impact. Having their buy-in makes tax season much less stressful. The program really is worth participating in if you enjoy writing detailed reviews - just stay organized from day one!

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This is such a reassuring perspective! I'm also a student who just got invited to Vine and was really nervous about the tax complexity. Your point about the actual tax owed being much lower than the total product value is really helpful - I hadn't thought about how the standard deduction would factor in. The tip about Amazon's tax values potentially changing is brilliant! I never would have thought to screenshot both the order confirmation and the final value. That kind of attention to detail seems like it would really pay off during tax season. One follow-up question - when you talk to your parents about claiming you as a dependent with Vine income, did that affect their taxes at all? I'm worried that my participation might somehow increase their tax burden even if mine is minimal. Also, do you find that 2 minutes per item is realistic for logging everything? I'm wondering if I should set up my tracking system before I even start claiming items, or if it's easy enough to do it as I go. Thanks for sharing such practical advice - it's making me feel way more confident about jumping into the program!

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As someone who just went through their first year dealing with significant LTCG and AMT, I can confirm that the exemption phase-out is indeed the main trap. What caught me off guard was how quickly you can go from "no AMT impact" to "substantial AMT liability" once you cross those thresholds. One thing I learned that might help others: if you're close to the phase-out threshold, consider bunching charitable contributions into the high-income year. Since charitable deductions are allowed under both regular tax and AMT (unlike state tax deductions), this can be an effective way to reduce your AMTI without triggering the preference adjustments that cause AMT in the first place. Also, for those dealing with stock options or RSUs, remember that the timing of when you sell the shares is separate from when the compensation income hits (at vesting). You can have AMT liability from the vesting even if you don't sell, which complicates the multi-year planning strategies discussed here. I made the mistake of only focusing on when I'd sell shares, not when the vesting income would hit my tax return. The state tax angle several people mentioned is crucial. Even in states that generally follow federal AMT rules, there can be subtle differences in exemption amounts or phase-out thresholds that matter when you're doing precise planning around those cutoff points.

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Kevin Bell

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Thanks for sharing your real-world experience, Angelina! Your point about charitable contribution bunching is really insightful - I hadn't considered that strategy since I was so focused on the mechanics of how LTCG affect the phase-out calculations. The distinction you made about vesting vs. selling timing is crucial for anyone with equity compensation. I'm actually dealing with RSUs that vest next year, and I was making the same mistake of only thinking about when to sell the shares. The compensation income from vesting hits your AMTI regardless of whether you sell, which definitely complicates the multi-year planning approach. Your experience with being close to the phase-out threshold sounds nerve-wracking! When you say it goes from "no AMT impact" to "substantial liability" quickly, can you give a rough sense of the dollar impact? I'm trying to understand how much of a buffer I should build in when planning around these thresholds. The charitable contribution strategy is particularly appealing since it's one of the few deductions that works the same under both regular tax and AMT. Do you know if there are any limits on how much you can bunch in a single year, or other considerations when using this approach specifically for AMT planning?

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Jabari-Jo

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This thread has been incredibly enlightening! As someone new to dealing with substantial capital gains, I've been trying to wrap my head around AMT implications and this discussion has clarified so much. What really clicked for me is understanding that LTCG don't get taxed at the 26%/28% AMT rates - they keep their preferential rates but can trigger AMT by pushing you over the exemption phase-out thresholds. The original post's framework was helpful, though as others noted, the 2025 numbers are higher. I'm particularly grateful for the real-world examples everyone shared. The $8,000 mistake from not considering state taxes, the charitable contribution bunching strategy, and the distinction between vesting and selling timing for stock compensation - these are exactly the kinds of practical insights you can't find in tax guides. One question I have: for those using multi-year planning to stay under AMT thresholds, how do you handle the risk of tax law changes between now and when you plan to realize gains? I'm looking at potentially spreading stock sales over 2-3 years, but I'm nervous about betting on current AMT exemption amounts and phase-out thresholds staying the same. Also, has anyone found that financial advisors or CPAs are generally well-versed in these AMT/LTCG interactions, or is this something you've had to research largely on your own? The complexity everyone's describing makes me think specialized expertise might be worth paying for.

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Welcome to this complex but important topic, Jabari-Jo! Your concern about tax law changes is really smart - it's something I wish I had considered more carefully when I started my own multi-year planning. The reality is that AMT exemption amounts and thresholds do get adjusted annually for inflation, and there's always the risk of more significant legislative changes. What I've learned is to build flexibility into the plan rather than locking in rigid timelines. For example, instead of committing to sell exactly X shares in 2026, I identify windows where sales would make sense and stay ready to adjust based on both tax law changes and my actual income situation. Regarding professional expertise - this has been one of my biggest frustrations! I've found that many CPAs understand basic AMT concepts but fewer have deep expertise in the strategic planning around LTCG and exemption phase-outs. The good news is that fee-only financial planners who specialize in tax planning tend to be much more knowledgeable about these interactions. One approach that's worked well is to do the initial research myself (like you're doing here), then use a professional to verify my analysis and catch anything I missed. This thread has been incredibly valuable for that initial research phase - the collective wisdom here rivals what I've gotten from some paid consultations! Don't underestimate the value of the specialized tools others mentioned either. Sometimes paying for good software is cheaper than multiple CPA consultations.

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Has anyone actually tried setting up a Roth IRA for a minor? Which companies make this easy? My son is interested but I'm not sure where to start with the actual account setup.

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Chris Elmeda

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We set one up for our daughter at Fidelity. It was pretty straightforward - it's called a Custodial Roth IRA. You'll need to open it as the parent/guardian since minors can't enter into contracts. You'll need the child's SSN and your ID. The minimum to open was $0 when we did it last year. Charles Schwab and Vanguard offer them too, but I found Fidelity's interface easier to use and they have good educational resources for teens about investing.

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Owen Devar

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Great question! I've been researching this exact scenario for my own kids. The key distinction the IRS makes is between "chores" (which are considered part of normal family responsibilities) and legitimate business activities. For your specific situation with the $20 lawn mowing, if it's just your family's lawn as part of regular household chores, it typically won't qualify as earned income for IRA purposes. However, there are a few ways to make this work legitimately: 1. Help your son start an actual lawn service business where he services multiple properties in the neighborhood, not just yours. This creates genuine self-employment income. 2. If you have a business (even a side business), you could formally employ him to do lawn maintenance, office cleaning, or other legitimate business tasks at reasonable wages. 3. Consider other entrepreneurial opportunities - many teens successfully run small businesses like pet sitting, tutoring younger kids, or selling items they make. The important thing is that the work and payment need to have genuine business purpose beyond just family chores. Once he has legitimate earned income, he can contribute up to 100% of that income to a Roth IRA (up to the annual limit of $7,000 for 2025). Keep detailed records of any payments and work performed. This early start on retirement savings is an amazing gift - compound interest over 50+ years will be incredible!

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Savannah Vin

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This is really helpful advice! I'm in a similar situation with my 16-year-old daughter. We were thinking about having her help with some basic bookkeeping for my freelance consulting business. Would that count as legitimate business income even though she'd be working from home? I want to make sure we're doing this right from the start. Also, do you know if there are any specific record-keeping requirements beyond just tracking hours and payments?

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