would it be illegal if i just submitted my travel expenses to both jobs? like if i traveled somewhere and did work for both my w2 employer and my self employed gig while there???

This is exactly the kind of tax law change that catches people off guard! The elimination of employee business expense deductions really shifted the burden back to employers to have proper reimbursement systems in place. One thing I'd suggest for the future - if your employer's reimbursement process is tedious, try to work with HR or accounting to streamline it. Many companies don't realize how much their employees are eating these costs rather than dealing with paperwork. Sometimes a simple conversation about the process can lead to improvements that benefit everyone. Also, keep detailed records of all your business travel expenses even if you don't submit them for reimbursement. Tax laws change, and if the TCJA provisions sunset in 2025 as scheduled, we might see the return of employee business expense deductions. Having good documentation from prior years could be valuable. For now though, Harper's advice is spot on - always try to get reimbursed when possible, and if you have any self-employment income, make sure you're maximizing those legitimate business deductions on Schedule C.

I'm dealing with a similar foreign asset reporting situation and wanted to share what I learned after consulting with an international tax attorney. The key distinction here is that Form 8938 and FBAR serve different purposes - 8938 is part of your tax return while FBAR is filed separately with FinCEN. The "quiet disclosure" concern is real. When you suddenly report foreign assets that weren't previously disclosed, it can trigger questions about why they weren't reported before. The IRS has sophisticated matching systems that can identify patterns like this. For your $275k in assets, you're definitely above the reporting thresholds. My attorney explained that while some people do get away with quiet disclosures, the formal Streamlined Filing procedures provide legal protection and closure. The penalty (5% for domestic taxpayers) might seem steep, but it's often much less than the potential penalties for continued non-compliance if discovered later. The fact that your accountant "shrugged it off" is concerning - this is exactly the kind of situation where specialized expertise matters. I'd strongly recommend getting a second opinion from someone who specifically handles international tax compliance before deciding your approach.

I've been through this exact situation with foreign assets around the same value range. The stress is real, but let me share what worked for me after making the same mistake. First, your accountant's casual approach is a red flag. International tax compliance isn't something to "shrug off." I initially tried the quiet disclosure route too - just started filing Form 8938 correctly going forward without addressing prior years. But the anxiety was killing me, especially after learning that FATCA reporting means the IRS likely already has visibility into many foreign accounts. I ended up using the Streamlined Domestic Offshore Procedures about 6 months after my initial "quiet" filing. Yes, there's a 5% penalty on the highest aggregate balance, but here's what sold me on it: legal certainty. Once you complete the streamlined filing and pay the penalty, you get formal closure. No more sleepless nights wondering if the IRS will come knocking. The process took about 4 months from submission to receiving my closing letter. During that time, I felt much more secure knowing I was in an official compliance program rather than hoping my quiet disclosure wouldn't be noticed. Given your asset level ($275k), the streamlined penalty would be around $13,750 - painful but manageable compared to the potential penalties and legal costs if things go sideways later. My advice: bite the bullet and get the peace of mind. The stress relief alone was worth it for me.

This is such a helpful thread! I'm dealing with a similar situation but with a twist - I inherited my rental property from my grandmother in 2019 and have been depreciating it since then. When I sell it, do I only pay the 25% recapture rate on the depreciation I've taken since inheriting it, or does it somehow include depreciation she took before I inherited it? The property had a stepped-up basis when I inherited it, so I'm hoping that means I'm only on the hook for my own depreciation recapture. But I want to make sure I'm calculating this correctly before I put it on the market next month.

This thread has been incredibly helpful! I'm currently going through a similar situation with a triplex I bought in 2018. One thing I want to add that might help others - make sure you're keeping detailed records of any capital improvements you made during ownership, as these can actually reduce your depreciation recapture amount. For example, if you replaced the roof, upgraded electrical systems, or made other substantial improvements that extend the property's useful life, these costs get added to your basis and aren't subject to the 25% recapture rate. Only the depreciation on the original structure and components gets hit with that rate. I learned this the hard way when I initially calculated my potential tax liability without accounting for about $35,000 in improvements I'd made over the years. Those improvements reduced my recapture by quite a bit! Just wanted to mention this since Emma's situation might benefit from reviewing any major improvements made to that 4-unit building.

I want to emphasize something crucial that others have touched on but bears repeating: you absolutely need to fix this excess contribution issue before your tax filing deadline to avoid the 6% excise tax penalty. Here's what you need to do immediately: 1. Calculate your actual eligible contribution: Since you had HDHP coverage for only 3 months out of 12, you're eligible for 3/12 of the annual maximum contribution limit. 2. Contact your HSA administrator to request removal of the excess contribution PLUS any earnings attributed to that excess. This is called a "return of excess contribution." 3. The earnings portion will need to be reported as income on your tax return for the year you receive the distribution. 4. Make sure your HSA provider sends you a corrected Form 5498-SA showing the adjusted contribution amount. The IRS does track this information through Forms 5498-SA from HSA providers and Forms 1095-B/C from insurance companies, so they will eventually catch discrepancies if you don't correct them voluntarily. Don't wait on this - the penalty compounds each year the excess remains in your account, and it's much easier to fix proactively than during an audit.

This is a really comprehensive thread with excellent advice! I just wanted to add one more resource that might be helpful for anyone dealing with HSA contribution issues. The IRS has Publication 969 which covers Health Savings Accounts in detail, including the month-by-month eligibility rules and excess contribution procedures. It's available for free on the IRS website and explains exactly how the proration works when you switch between HDHP and non-HDHP coverage mid-year. What's particularly useful in Pub 969 is the worksheet for calculating your maximum annual contribution when you have partial-year HDHP coverage. It also has examples of different scenarios (like switching from individual to family coverage, or changing plans mid-year) that might apply to your situation. For anyone who's more of a visual learner, the publication includes step-by-step examples that walk through the math for prorating contributions based on eligible months. It also explains the difference between the contribution deadline (tax filing deadline) and the deadline for removing excess contributions to avoid penalties. While the other suggestions for professional help are great, starting with Pub 969 can give you a solid understanding of the rules before you contact your HSA provider or file any corrected forms.

This is such a helpful thread! I'm also a veteran dealing with the same HSA eligibility questions. One thing I wanted to add that might help others - if you're unsure about whether your VA appointments count as service-connected or not, you can actually request a detailed breakdown from the VA. I called and asked for a summary of my benefits usage that specifically categorizes each appointment/service by whether it was for a service-connected disability or general VA healthcare. This documentation was crucial when my employer's HSA administrator questioned my eligibility. Also, for those considering the financial trade-offs that PrinceJoe mentioned - don't forget that HSA funds can be used for dental and vision expenses too, which often aren't fully covered by VA benefits. Plus things like over-the-counter medications, medical equipment, and even some alternative treatments can be HSA-eligible expenses. The deadline pressure is real, but it's better to take the time to get it right than to deal with IRS penalties later. Good luck with your decision!

This thread has been incredibly helpful! As another veteran navigating this same situation, I wanted to share a resource that helped me understand the complexities: the IRS Publication 969 specifically addresses HSAs and has a section on "Other Health Coverage" that details how VA benefits interact with HSA eligibility. One thing I learned that wasn't mentioned yet - if you have a spouse or dependents, their use of VA benefits (like CHAMPVA) can also affect your HSA eligibility in some cases. The "other coverage" rules can get tricky when you have family members with their own VA-related benefits. Also, regarding the testing period rule that StarSeeker mentioned - this is HUGE and often overlooked. I almost got caught by this when I had an unexpected VA appointment in December that would have triggered the penalty for the entire year's contributions. For those still on the fence about the financial benefits: remember that unused HSA funds roll over indefinitely (unlike FSAs), and after age 65, you can use them for any purpose without penalty. It's essentially a stealth retirement account with better tax treatment than a 401k if used for medical expenses. Given your tight deadline, I'd recommend calling your employer's benefits line AND the HSA administrator (if they're different companies) to confirm exactly what documentation they'll need. Some require the VA paperwork upfront, others are more flexible. Don't let the deadline pass while waiting for perfect clarity - you can always adjust contributions later if needed.