Has anyone considered the wash sale implications with this strategy? If you're buying the same stock across multiple accounts around the same time period, and then selling at a loss in some accounts while keeping others, you could accidentally trigger wash sale rules that disallow those losses.

Another angle to consider is the reporting complexity when tax season comes around. Even if the strategy were profitable, you'd be dealing with potentially 20+ 1099-B forms, each with their own cost basis calculations and transaction details. I've handled multiple brokerage accounts before (though not nearly 20), and it becomes a nightmare to reconcile everything properly. Each brokerage may handle the reverse split rounding differently in their reporting, some might show it as a stock dividend, others as a reorganization event. You'd need to be extremely meticulous with your record-keeping to ensure you're reporting everything correctly and consistently. Also worth noting that if any of these accounts have small balances, some brokerages charge inactivity fees or account maintenance fees that could easily eat into any gains from the rounding strategy. The administrative burden alone might outweigh the potential benefits.

I'm experiencing the exact same thing! Filed on February 12th and my transcript has been completely blank for over a month now. What's really frustrating is that I didn't claim any special credits or deductions - just standard W-2 income and the standard deduction. I've been a taxpayer for 30+ years and have never seen delays like this for such a straightforward return. The Where's My Refund tool just says "processing" with no additional details. I'm starting to wonder if there's a systematic issue with their processing systems this year rather than individual return problems. Has anyone heard anything official from the IRS about these widespread delays?

I'm going through the exact same frustration! Filed my return on February 15th and it's been radio silence from the IRS ever since. My transcript is completely blank, and the "Where's My Refund" tool has been stuck on the first bar for weeks now. Like many others here, I have a simple return - just W-2 income, standard deduction, no fancy credits or anything that should trigger additional review. What really gets me is that I've been filing taxes for over 20 years and have never experienced delays like this for such a straightforward situation. It definitely feels like there's something systematically different about their processing this year. The lack of communication from the IRS is what bothers me most - even a simple acknowledgment that they're experiencing processing delays would go a long way toward reducing everyone's anxiety. At least reading through this thread helps me realize I'm not alone in this situation!

I just went through this exact situation with concert tickets I resold! The key thing to understand is that the 1099-K doesn't mean you owe taxes on the full amount - it's just the platform reporting what you received. For a one-time sale like yours, you'll want to report this as hobby income on Schedule 1 (Form 1040). Report the full $9,215 as "Other Income" on line 8z, then you can deduct your original purchase cost ($8,795 based on your $420 profit) on line 24a as "Other Adjustments to Income." This way you're only paying tax on your actual $420 profit, not the full sale amount. Make sure to keep documentation of your original purchase - email confirmations, credit card statements, anything that shows what you actually paid for those tickets originally. Since this was clearly a one-time thing and not a business venture, Schedule 1 is definitely the right approach rather than Schedule C. The IRS understands that people sometimes sell tickets they can't use - they just want to make sure you're reporting the actual profit correctly.

Just wanted to chime in as someone who's been through this exact scenario! I resold some Broadway tickets last year after getting a 1099-K and was completely panicked about how to handle it properly. The advice about using Schedule 1 is spot on for occasional sales like yours. What really helped me was organizing all my documentation upfront - I created a simple spreadsheet showing the original purchase date, amount paid, sale date, and sale amount. This made it super easy to see my actual profit and have everything ready if needed later. One thing I'd add is to double-check that your math is right on the $420 profit. Sometimes fees from the selling platform aren't immediately obvious, and you might be able to deduct those too as part of your cost basis. For example, if you paid any listing fees or seller fees to the platform, those could potentially reduce your taxable profit even further. The key thing to remember is that the IRS gets that 1099-K too, so they know you received the money. By properly reporting both the income AND your costs, you're showing them the full picture and only paying tax on what you actually gained. Keep those receipts safe - digital copies work perfectly fine!

I see a lot of talk about deducting the tickets as marketing expenses, which is smart, but there's another angle worth exploring: in-kind donations of inventory. If your play center tickets can be considered "inventory" rather than services, and if the schools are qualified 501(c)(3) organizations, you might qualify for an enhanced deduction under Section 170(e)(3) of the tax code. The deduction could be for your cost basis plus half the difference between cost and fair market value (capped at twice your cost). So if each ticket costs you $5 to provide (your actual costs) but sells for $27, you might be able to deduct more than just your cost. This gets complex though and depends on how your business is structured (sole prop vs corporation) and whether these tickets truly qualify as "inventory" versus services. Might be worth bringing this specific code section up with your accountant.

Your accountant is correct about the bookkeeping entries - you do need to record both the revenue and the offsetting donation expense to maintain proper accounting records. However, this doesn't necessarily mean zero tax benefit. The key issue here is classification. While donated services typically aren't deductible as charitable contributions, your situation has legitimate business purposes that could qualify for deductions under different categories: 1. **Marketing/Advertising Expenses**: Since donating to school auctions generates community goodwill and exposes your business to potential customers (parents), these could be classified as ordinary business expenses rather than charitable donations. 2. **Inventory Consideration**: Your tickets might qualify as donated inventory rather than services, especially if you consistently treat them as such in your accounting. This could open up different deduction possibilities. I'd recommend having a focused conversation with your accountant about reclassifying these donations as marketing expenses. This approach often provides the tax benefit you're looking for while maintaining proper accounting practices. The fact that you're tracking school tax IDs suggests there should be some benefit - otherwise, as you noted, why bother with the paperwork? If your current accountant remains inflexible on this issue, consider getting a second opinion from another tax professional who specializes in small business deductions.

One thing to consider is whether your brother and sister-in-law are claiming any home office or rental deductions for the basement on their taxes. If they're claiming depreciation or expenses for that space as a rental property, it actually strengthens your case for HOH because it establishes the basement as a separate rental unit. You might want to talk to them about how they're planning to handle the rental income they receive from you on their taxes. This affects both of you - they need to report the income, but it also helps confirm your status as a renter maintaining your own household.

I went through a very similar situation when I moved into my sister's converted garage apartment with my two kids. The key thing that helped me qualify for HOH was establishing that we truly had separate households, even though we were on the same property. Here's what worked for me: - We had our own entrance (important!) - I paid a fixed monthly amount that covered utilities for our space - I bought all groceries and household items for my kids and myself - We had our own kitchen and bathroom facilities The IRS considers you to be "keeping up a home" when you pay more than half the costs of your household. Since you'll be paying rent that covers your portion of the mortgage plus presumably handling your own food, personal expenses, and care for your daughter, you should meet this requirement. Just make sure to keep detailed records of all your payments and expenses. I kept a simple spreadsheet tracking my rent payments, grocery receipts, and any other costs for our living space. Having that documentation gave me confidence when filing and would be helpful if there were ever any questions. The separate entrance you mentioned is actually a big plus - it really helps establish that you're maintaining an independent household rather than just contributing to a shared family home.