Quick question - does anyone know if there's a minimum amount of capital gains that requires reporting for F1 students? I made like $200 from stocks this year and wondering if I even need to bother with all this Schedule D stuff.

Just to clarify one more point that might be confusing - while everyone is correctly saying to use Schedule D for your capital gains, make sure you understand that as an F1 student filing Form 1040NR, you'll be using Schedule D-NR (the nonresident version), not the regular Schedule D that US residents use. The calculation process is essentially the same, but Schedule D-NR has some specific instructions for nonresidents. Your $720 gain from $5,800 in stock sales would definitely need to be reported using this form, and then the net gain would transfer to your 1040NR. Also, keep good records of your cost basis and sale dates - you'll need those details for the Schedule D-NR. Don't let your friend convince you to use Schedule NEC, that's definitely for contractor/freelance income, not investment gains.

19 Has your wife considered that the finance partner might be refusing these expenses because they're actually not legitimate business expenses? Just playing devil's advocate here. I've been in partnerships where one person thinks everything is a business expense when it's really more personal or questionable.

This is a frustrating but unfortunately common situation with S Corps. The key point everyone has touched on is correct - the TCJA eliminated personal deductions for unreimbursed employee business expenses, and S Corp owners are treated as employees for this purpose. What I'd suggest is framing this as a business decision rather than a personal tax issue. Those legitimate expenses (conference fees, software, professional memberships) are reducing the company's overall profitability when they're not properly recorded. Even if cash flow prevents immediate reimbursement, the S Corp should at least book these as business expenses and liabilities owed to your wife. This way the business gets the deduction (reducing everyone's K-1 income), and your wife has a documented claim for future reimbursement when cash flow improves. The current approach is essentially forcing all partners to pay higher taxes on phantom income while legitimate business costs go unrecognized. Maybe approach the finance partner with a proposal: "Let's at least record these properly in the books as business expenses, even if we can't cut checks immediately." This protects everyone's tax situation while acknowledging the cash flow constraints.

This is exactly why having clear documentation is so crucial when negotiating employment terms! Your employer is essentially trying to rewrite history by calling your specifically negotiated W-2 status a "mistake." The bottom line is that worker classification under IRS rules is determined by the actual working relationship, not what becomes financially convenient for the employer later. If you're working their assigned schedules, in their facility, using their equipment, and following their protocols, you're clearly an employee regardless of the PRN designation. Based on the excellent calculations others have shared, if they somehow insist on 1099 status (which they legally cannot do retroactively), you'd need around $95-105/hour to maintain equivalent after-tax compensation. This accounts for the 15.3% self-employment tax, loss of unemployment/workers' comp protection, professional liability insurance costs, and the administrative burden of quarterly taxes and business record-keeping. My recommendation: Send a polite but firm email referencing your original negotiations and documentation. Make it clear you'll continue under the agreed W-2 terms. If they persist with this "correction," present them with the math showing what equivalent 1099 compensation would actually look like. Don't let them gaslight you into thinking their failure to understand their own classification policies is somehow your problem to solve. You negotiated in good faith and have every right to expect them to honor their commitments.

This whole situation is unfortunately becoming more common in healthcare, and you're absolutely right to push back. Your employer cannot legally reclassify you retroactively - the IRS determines worker classification based on the actual working relationship, not what becomes convenient for the employer months later. Since you specifically negotiated W-2 status as a condition of employment and have documentation of this agreement, you're in a strong position. The fact that you work scheduled shifts, use their equipment, and follow their protocols clearly indicates an employee relationship under IRS guidelines. If they somehow insist on 1099 status going forward (which would require a new agreement entirely), don't accept anything less than $95-100/hour. This accounts for the additional 7.65% employer portion of payroll taxes you'd now be responsible for, loss of unemployment and workers' comp protection, need for professional liability insurance, and the administrative burden of quarterly tax filings. Here's what I'd do: Send them a professional email stating you'll continue under the original W-2 agreement as negotiated and documented. If they persist, present them with the math showing what true equivalent compensation looks like. Include copies of your original employment discussions where you specifically requested W-2 status. Don't let them frame their policy confusion as your mistake to fix. You negotiated in good faith and they need to honor their commitments.

This thread has been incredibly helpful! I'm dealing with this exact situation - my brother loaned me money for a house purchase with a formal mortgage agreement, and we've both been confused about the tax implications. Reading through everyone's experiences, it's clear that the key is proper documentation on both sides. My brother doesn't need to issue me a 1098 since he's not in the lending business, but he absolutely needs to report the interest income I pay him. And I can still claim the mortgage interest deduction as long as our loan is properly secured against the property. I'm definitely going to implement the substitute statement approach that several people mentioned. Having matching year-end documentation for both of us seems like the smart way to handle this, even though it's not legally required. One thing I'm curious about - has anyone dealt with this situation where the interest rate changes during the year? We have an adjustable rate tied to prime, so the monthly interest amounts vary. I assume I just need to track the actual interest paid each month rather than using any kind of standard calculation? Also, for those who've been doing this for multiple years - do you find that tax software handles the mortgage interest deduction smoothly when you don't have an official 1098, or do you typically need to work with a tax preparer?

This has been such a valuable discussion! As someone who's worked in tax preparation for over a decade, I can confirm that private mortgages between family members are one of the most commonly misunderstood areas of tax law. The key takeaways here are spot-on: individual lenders aren't required to issue 1098 forms unless they're in the business of lending, but both parties still have tax obligations. The borrower can claim the mortgage interest deduction with proper documentation, and the lender must report interest income. One additional point I'd like to emphasize - make sure your loan agreement specifies that it's a mortgage secured by the property, not just a personal loan. The IRS looks at the substance of the transaction, not just what you call it. If there's no security interest properly recorded against the property, they may reclassify it as non-deductible personal loan interest. Also, keep in mind the imputed interest rules. If you're lending at below-market rates, the IRS may impute additional interest income to the lender and additional interest deduction to the borrower based on the Applicable Federal Rates (AFR). This is particularly important for larger loan amounts. The substitute statement approach mentioned by several commenters is excellent practice and shows good faith documentation efforts.

Thanks everyone for all the detailed responses! This has been super educational. I had no idea about the direct donation requirement or the itemization issue. Based on what I'm reading here, it sounds like I can't deduct the 1-800-GOT-JUNK pickup, but I'm definitely going to look into those charity pickup services for future donations. The "donation bunching" strategy that Max mentioned is really interesting too - maybe I should plan my donations more strategically. One follow-up question: if I have items that are too worn for charity donation but still have some value, is there any tax benefit at all? Or is it just a loss either way? I'm thinking about some older electronics and appliances that work fine but have cosmetic issues.

Great question! Unfortunately, you cannot claim a tax deduction for items picked up by 1-800-GOT-JUNK, even if they eventually donate them to charity. The IRS requires that you donate directly to a qualified 501(c)(3) organization to claim any deduction - you can't use a middleman service. Here's what you need to know for future donations: - Donate directly to qualified charities like Goodwill, Salvation Army, or Habitat ReStore - Get proper documentation from the charity (written acknowledgment for donations over $250) - Items must be in "good used condition or better" - You can only deduct if you itemize deductions on Schedule A Since your furniture was in good condition, you might want to consider charity pickup services next time. Many legitimate charities offer free pickup and provide proper tax documentation. This way you'd get the same convenience as 1-800-GOT-JUNK but with the added benefit of a potential tax deduction. For your current situation, keep that receipt from 1-800-GOT-JUNK for your records, but unfortunately it won't help with your taxes.