WARNING: You need to be super careful with your US brokerage accounts! Many US financial institutions will FREEZE or even CLOSE your accounts when they find out you have a foreign address. I moved to Australia and lost access to my Vanguard account until I could provide a US address (ended up using my parents'). Also, don't forget about PFIC rules if you invest in non-US mutual funds or ETFs in New Zealand - the tax treatment is BRUTAL. Stick with US-based investments through your existing accounts if possible.

Great question! I went through something similar when I moved to the UK a few years ago. A couple of additional points that might help: For your 401(k), you'll want to check if your employer's plan allows contributions while you're on international assignment. Some plans restrict this, but since you mentioned they have Auckland offices, they likely have experience with expat employees. Also consider that if you become an NZ tax resident, your 401(k) growth might be taxable in NZ even if it's tax-deferred in the US - definitely something to discuss with a tax advisor familiar with both systems. Regarding your rental property breaking even - don't forget about depreciation! Even if your cash flow is neutral, you can still claim depreciation on the property which often creates a tax loss on paper. This can be valuable for offsetting other income. One more tip: start keeping detailed records of everything NOW. Track your days in each country (for the physical presence test), keep receipts for moving expenses, and document your ties to NZ vs the US. The IRS loves documentation, and good records will save you headaches later. Also consider opening an account with a US bank that's expat-friendly (like Schwab International) before you move. It's much easier to establish these relationships while you still have a US address.

Wait, I'm confused about something basic. If I'm day trading in my regular brokerage account (not IRA), aren't all my trades already "realized" at the time I sell anyway? What's the advantage of MTM if I'm already selling everything within the same tax year?

One critical point that often gets overlooked is the timing of the MTM election. You must make this election by the due date (including extensions) of the tax return for the year PRECEDING the year you want it to take effect. So if you want MTM treatment for 2025, you needed to make the election by the due date of your 2024 return (typically April 15, 2025, or October 15 with extension). You can't wait until you see how your 2025 trading goes and then decide - the election must be prospective. There's a limited exception for new traders who can make the election by the due date of the return for the first year they qualify as a trader, but this requires careful documentation that you weren't previously engaged in trading activities. Also worth noting: the MTM election only applies to securities held in connection with your trading business. If you hold some positions as investments (not for trading), those can still receive capital gains treatment, but you need clear documentation distinguishing between your trading inventory and investment holdings from the time of acquisition. The business expense deductions under trader status are substantial but require meticulous record-keeping since the IRS frequently audits trader status claims.

This is really helpful information everyone! I've been dealing with a similar situation with my adult kids - I send them money for textbooks, groceries, etc. and they pay me back for things like car insurance. Probably $400-500/month back and forth. Based on what everyone's shared, it sounds like I don't need to worry for 2024 taxes since the threshold is still $20k AND 200 transactions. But I'm definitely going to start keeping better records just in case. The screenshot idea is brilliant - I usually just send money with a pizza emoji or whatever, but adding actual descriptions makes way more sense. One question though - if these payment apps are making so many mistakes with the 1099-Ks, shouldn't there be some kind of penalty for them when they report personal transfers as income? Seems like they're creating a lot of unnecessary work for taxpayers and the IRS.

This thread has been incredibly helpful! I'm in a similar boat with my spouse - we probably send $600-800/month between our accounts for bills, groceries, date nights, etc. I've been losing sleep over whether we'd get hit with a massive 1099-K. The clarification about the delayed threshold is huge relief. $20k AND 200 transactions means we're nowhere close for 2024 taxes. But I'm definitely taking everyone's advice about better documentation moving forward. One thing I'm curious about - has anyone actually contacted Meta/Facebook directly about how they're handling the categorization? Their customer service is notoriously terrible, but I'm wondering if there's a way to proactively mark transfers as personal/family payments to avoid issues when the $600 threshold does eventually kick in. Also really appreciate the tools people have shared (taxr.ai and claimyr.com). Even though I might not need them this year, it's good to know they exist for when these rules actually take effect.

Has anyone actually calculated what the reduced per diem would be if certain meals were provided? Like is there an official breakdown for how much of the daily rate is allocated to breakfast vs lunch vs dinner?

This is exactly the situation I was in last year! I was a 1099 contractor on a 6-month assignment about 400 miles from home. The key thing to remember is that the IRS doesn't care about the total dollar amount - they care about whether your assignment meets the "temporary" criteria (under one year) and whether you're truly away from your tax home. I claimed the full per diem for the entire period and had no issues. The amount does seem high when you calculate it out, but that's just the reality of extended business travel. Make sure you keep detailed records of your assignment dates, the temporary nature of the work, and your tax home location. For the cafeteria situation, I had something similar - free lunch was provided but I had to pay for breakfast and dinner. I calculated partial per diem using the standard breakdown (breakfast 20%, lunch 30%, dinner 50%) and only claimed 70% of the daily rate. Keep good documentation showing which meals were provided versus which you paid for yourself. One tip: consider keeping receipts for a few meals even though you're using per diem. It can help demonstrate that you were actually incurring meal expenses during your assignment if questions ever come up.

I used to work for elderly services. This screams financial exploitation tbh. The attorney and caregiver tag-team blocking you out is sus af

This is exactly why I always tell people to get their affairs in order early. The IRS doesn't mess around with unreported income, especially when it involves cash payments to caregivers. Your parent's attorney is giving terrible advice - even seniors have filing obligations if they meet income thresholds. I'd recommend getting a second opinion from a tax professional ASAP and maybe consider whistleblower protection if you decide to come forward about the unreported payments. The estate could be looking at serious liability here.