I'm confused about how to determine "providing more than half of support" for my college kid. She has a scholarship covering tuition, works part time for spending money (made about $8200 last year), but I pay for her apartment, car insurance, health insurance, and send money for groceries. How do I figure out if I hit the "more than half" threshold to claim the Credit for Other Dependents?

Just wanted to share my experience as someone who went through this exact situation last year! My daughter turned 18 in October and was a college freshman. Like you, we paid for everything - tuition, dorm, meal plan, books, etc. She made about $4,200 from a summer job. Here's what I learned: Yes, you can absolutely still claim her as a dependent! Since she's a full-time student under 24 and you provide more than half her support, she qualifies under the "qualifying child" rules. The key thing is that dorm time counts as living with you for the residency test. You're right about the Credit for Other Dependents - that's exactly what replaces the Child Tax Credit once they turn 18. It's worth $500 instead of the $2,000 you used to get, but don't stop there! Since you paid her college expenses, you should also look into the American Opportunity Tax Credit, which can be worth up to $2,500 per student for the first four years of college. That's actually MORE valuable than what you were getting with the Child Tax Credit. Make sure you get her 1098-T form from the college and keep receipts for books and required supplies. You can claim both credits for the same child - they serve different purposes and don't conflict with each other.

I work at a tax office (not giving tax advice, just sharing experience) and this is one of the most common issues people come to us with. Besides what others mentioned about covered vs non-covered securities, here are other reasons transactions might not appear: 1. De minimis exceptions - some very small transactions (typically under $100) might not require reporting 2. Certain types of reorganizations and stock splits 3. Transactions in retirement accounts (these aren't reported on 1099-B since they're not taxable events) 4. Foreign securities from certain countries 5. Complex derivatives and certain partnership interests The system puts WAY too much burden on individual taxpayers. Even professional preparers sometimes struggle with reconciling what should vs. shouldn't be reported.

The specific publication you're looking for is IRS Publication 550 "Investment Income and Expenses" - it's the most comprehensive resource for understanding what gets reported and what doesn't. Chapter 4 specifically covers sales and exchanges of investment property and includes detailed explanations of the reporting requirements. Also check out the Instructions for Form 8949 and Schedule D, which have tables showing exactly which transactions require reporting even when they're not on your 1099-B. Fair warning though - Publication 550 is about 80 pages long and not exactly light reading! The IRS also has a shorter fact sheet called "Questions and Answers on Schedule D and Form 8949" that covers the most common scenarios in more digestible chunks. One thing I've learned from dealing with this mess is to keep meticulous records of ALL your transactions regardless of what shows up on the forms. The burden of proof is always on you if the IRS comes asking questions later.

This is such a thoughtful way to handle your family's situation! I'm really impressed by how you've turned a challenging circumstance into a successful business opportunity. From what I've seen with similar cases, your situation actually has some strong advantages for tax purposes. The fact that you ONLY use the camper during rental season and it's directly tied to your ability to operate the business makes it much more defensible as a business expense than typical mixed-use scenarios. A few things to consider beyond what others have mentioned: 1. **Timing matters** - Since you're using the camper exclusively during your rental season, you might be able to argue for a higher business-use percentage than the typical 50/50 split for mixed-use property. 2. **Documentation is key** - Keep a detailed calendar showing when you're in the camper vs. the house, along with your rental bookings. This creates a clear paper trail linking the camper use to business necessity. 3. **Consider the "exclusive use" test** - While you live in the camper, you're doing so specifically to enable your rental business. This isn't like using a car for both personal and business trips - it's more like temporary lodging required for business operations. 4. **Don't forget startup costs** - If this is your first year operating the rental business, some of these expenses might qualify as startup costs rather than ongoing business expenses, which could affect how you deduct them. Have you considered consulting with a tax professional who specializes in rental properties? Your situation is unique enough that getting professional guidance could really pay off, especially given the income you're generating from the rental.

What an inspiring solution to a challenging situation! Your approach shows real entrepreneurial spirit while taking care of your family. From a tax perspective, your camper situation is actually quite favorable compared to typical mixed-use scenarios. The key factor working in your favor is the "but for" test - you literally would not need the camper "but for" your rental business operations. This creates a much stronger business justification than most mixed-use property cases. Here are some specific strategies to maximize your deductions: **Documentation Strategy:** - Create a business diary logging each day you're in the camper vs. the house, tied directly to rental bookings - Take photos of the camper setup and any business-related modifications - Keep all campground receipts organized by month/season - Document any camper maintenance or improvements that extend your rental season **Deduction Approach:** Since you're only using the camper during rental season (roughly 6 months), you could potentially argue for 75-85% business use rather than a conservative 50/50 split. The seasonal displacement due to rental operations creates a compelling business necessity argument. **Depreciation Timeline:** The camper would typically depreciate over 5 years using MACRS, but the high business-use percentage means you're getting substantial annual deductions. **Bonus Tip:** Consider whether any camper improvements (weatherproofing for shoulder season, internet setup for managing bookings, etc.) qualify as 100% business expenses if they're solely for extending your rental operations. Your situation is unique enough that I'd strongly recommend getting a consultation with a tax pro who handles rental properties - the potential tax savings could easily pay for itself given your rental income success!

Quick warning about home office deductions that I learned the hard way - if you take depreciation using the regular method, you'll have to pay some of that back (called "recapture") when you sell your house. I sold my house last year and got hit with an unexpected tax bill because I'd been claiming home office deductions for 7 years. Not saying don't take the deduction, just be aware and maybe set aside some of those tax savings for the future if you think you might sell. The simplified method doesn't have this issue since there's no depreciation component.

Thanks everyone for all this detailed info! This is exactly the kind of real-world breakdown I was looking for. So just to make sure I understand correctly - since I have both W-2 employment (marketing job) AND self-employment (jewelry business), I can only claim the home office deduction for the jewelry business portion, not the marketing work? That changes my calculation quite a bit. If I'm being honest, probably only about 30% of my time in that 180 sq ft space is actually spent on the jewelry business, with the other 70% being my regular marketing job. Would I need to calculate the deduction based on just that 30% usage for the jewelry business, or can I still use the full 180 sq ft since it's the same physical space? Also really appreciate the heads up about depreciation recapture - I hadn't even thought about that! Given that this is my first home and I might sell in the next 5-7 years, the simplified method might make more sense even if it's a smaller deduction.

I can relate to your concern about receiving unexpected IRS notices! I got a Notice 1402 about 6 months ago and initially panicked thinking I had done something wrong with my tax filing. After researching and speaking with a tax professional, I learned it's actually a routine administrative notice about ITIN expiration rather than an indication of any filing errors. The key thing to check is whether you still need your ITIN - if you've since obtained a Social Security Number, you can simply notify the IRS that you no longer require the ITIN. If you do still need it, the renewal process through Form W-7 is straightforward but does require original documentation or certified copies. Don't stress too much - this is a very common notice that millions of people receive as part of the regular ITIN maintenance cycle.

I received Notice 1402 about two months ago and had the exact same initial panic! It's completely understandable to be worried when you get any correspondence from the IRS, especially when you've been diligent about your tax compliance. In my case, I discovered that my ITIN with middle digits 78 was set to expire, even though I had been filing regularly. The notice actually serves as an early warning system - much better than finding out during tax season when you're trying to file. I ended up going through the renewal process since I still needed my ITIN for certain investment income reporting. The key is to act promptly rather than letting it sit until the last minute. If you're unsure about your specific situation, you can always call the IRS ITIN hotline at 1-800-908-9982, though as others have mentioned, getting through can take some patience. Don't let this stress you out too much - it's really just administrative housekeeping on their part.