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Does the IRS consider selling US-bought products overseas as foreign or US-source income for tax purposes?
So I've been running this small business for about 2 years now. I buy designer bags wholesale from manufacturers in Miami and Dallas, then sell them to boutiques in Europe and Asia. Business has been growing pretty well, and I'm trying to get my taxes organized before things get more complicated. The thing is, I'm confused about how the IRS views this income. Since I'm purchasing all my inventory here in the US, but making all my sales to foreign customers, I'm not sure if this counts as US-source income or foreign-source income for tax purposes. My accountant is out on medical leave, and I need to make some decisions about my quarterly estimated payments. Does anyone know how this type of business model is typically classified by the IRS? I've been searching online but getting mixed messages.
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IRS says wait 9 weeks after verification - is this timeline accurate?
Just verified my identity over the phone with the IRS agent. They told me to wait 9 weeks for processing. Anyone know if it actually takes this long? Starting to get worried since I really need this refund.
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Pro tip: sign up for informed delivery with USPS. Sometimes refund checks come before the where's my refund tool even updates
I'm going through the same thing right now! Verified 3 weeks ago and still checking WMR obsessively every day. The uncertainty is the worst part - I wish they could just give us a realistic timeline instead of these generic "up to 9 weeks" responses. Has anyone found that calling back actually helps or do they just repeat the same script?
Do I need to tell the IRS about income from Cashapp if it's under $600?
So I've been doing some side gigs, mostly helping people with small tasks and getting paid through Cashapp. In total I made about $480 last year from these random jobs. I'm confused about whether I actually need to report this on my taxes since it's such a small amount. I know there's some threshold where Cashapp doesn't send a 1099, but does that mean I don't have to tell the IRS about it at all? Would they even know if I didn't include it? I'm just trying to avoid unnecessary paperwork if I don't need to deal with it, but I also don't want to get in trouble. This is the first time I've had income outside my regular job.
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My tax guy told me not to stress about tiny amounts like this. He said the IRS is focused on people hiding thousands, not a few hundred bucks. Just something to consider.
That's terrible advice and could get someone in trouble. All income is legally required to be reported regardless of amount.
I had a similar situation with Cashapp income last year! The key thing to understand is that you're legally required to report ALL income, even if it's under $600 and you didn't get a 1099-K form. The $600 threshold just determines whether Cashapp has to send you tax documents - it doesn't change your obligation to report what you earned. For your $480 in side gig income, you'll need to report it as self-employment income on Schedule C. The good news is that you can also deduct legitimate business expenses (gas, supplies, etc.) which might reduce your tax liability. Even if you don't have perfect receipts, bank statements can serve as documentation. While the IRS may not catch small unreported amounts, it's not worth the risk of penalties and interest if you're ever audited. Better to be compliant from the start, especially since you're establishing a pattern of side income that might grow in the future.
What is Form 990-T and when does it apply to IRA investments with MLPs?
I got this weird letter from Vanguard about providing deduction info for some Master Limited Partnership (MLP) investments in my Roth IRA. Apparently they'll decide if 990-T filings are needed if something called Unrelated Business Income Tax (UBIT) from my MLP investment exceeds $1000. Looking at my Roth investments, I bought about 25 shares of EPD at $43 back in 2021, and some more in 3/22. They're currently underwater so I guess I don't need to worry about paying any tax or excise fee (that's what the letter says anyway). I'm just trying to understand: 1. What exactly is Form 990-T? Who has to file it? 2. What is UBI and why is it connected to my EPD investment? And why do they call it an "excise fee" instead of a tax? 3. So if I eventually make $1000+ profit in the future by selling EPD, would I need to pay this excise fee and report income to the IRS on Form 990-T?
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For what its worth, I ditched individual MLPs in my retirement accounts after dealing with this 990-T headache for two years. Switched to the Global X MLP ETF instead, which avoids the UBTI issue completely while still giving exposure to the sector.
Did you see any difference in the distributions after switching to the ETF? I'm debating doing the same thing but don't want to lose the income.
This is such a helpful thread! I'm dealing with a similar situation with some KMI shares in my traditional IRA. Based on what everyone's shared, it sounds like the key takeaway is that MLPs can generate UBTI regardless of whether you sell them, just from their ongoing business operations. @Jasmine Hernandez - to answer your question about knowing how much UBTI is generated, your MLP should send a Schedule K-1 each year that breaks down the different types of income. But since it's in your IRA, Vanguard handles the tracking and will file the 990-T if your UBTI exceeds $1,000. I'm seriously considering switching to MLP ETFs after reading this. The tax complications seem to outweigh the benefits when holding individual MLPs in retirement accounts. Thanks everyone for sharing your experiences - this is exactly the kind of real-world info you can't easily find elsewhere!
2025 IRS Transcript Shows "Return Not Present" - Empty Except for Head of Household Status
I just checked my transcript for tax period Dec. 31, 2024 this morning and it's basically empty. The transcript from the Internal Revenue Service United States Department of the Treasury shows "RETURN NOT PRESENT FOR THIS ACCOUNT" and "No tax return filed." Here's exactly what I'm seeing on the transcript that I pulled on February 14, 2025 with tracking number 8649477: FORM NUMBER: 1040 TAX PERIOD: Dec. 31, 2024 The entire transcript shows no return filed, no income info, nothing - all the numbers are completely blank including: - ADJUSTED GROSS INCOME: [blank] - TAXABLE INCOME: [blank] - TAX PER RETURN: [blank] - SE TAXABLE INCOME TAXPAYER: [blank] - SE TAXABLE INCOME SPOUSE: [blank] - TOTAL SELF EMPLOYMENT TAX: [blank] - EXEMPTIONS: 00 The only thing populated is my filing status which shows as Head of Household. The Account Balance shows $0.00, Accrued Interest is $0.00 and Accrued Penalty is $0.00 as of Mar. 03, 2025. The Account Balance Plus Accruals (which it notes is not a payoff amount) is also showing $0.00. Under the TRANSACTIONS section, it simply states "No tax return filed" with no cycle date or amount. The response date on the transcript is also 02-14-2025, the same day I requested it. It says "This Product Contains Sensitive Taxpayer Data" at the top and bottom of the page. Is this normal? Should I be worried that everything is blank except for the filing status? I'm concerned since it's already mid-February and the system doesn't seem to have any of my information at all.
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anybody else notice how the irs website be acting like its running on windows 95 or sumthing? 🤡
its giving AOL dialup vibes fr
LMAOOO not the dialup 💀 but ur right tho
Same thing happened to me last week! Filed on Feb 10th and my transcript was completely blank for like 3 days straight. I was panicking thinking I messed something up but then boom - everything showed up on day 4. The IRS processing system is just slow af during tax season. Your transcript looks totally normal for something that's still being processed. Just gotta be patient (easier said than done I know lol
Yuki Nakamura
Has anyone mentioned Form 1116? If any portion of your income IS determined to be foreign-sourced, you might need this form to claim credit for any foreign taxes you've paid to avoid double taxation.
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StarSurfer
Form 1116 is definitely important if you have foreign tax liability, but it sounds like OP's income would be considered US-sourced based on where title transfers. Form 1116 only applies if you're paying taxes to foreign governments on foreign-sourced income.
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Chloe Robinson
This thread has been incredibly helpful! I'm in a similar situation but with a twist - I buy vintage electronics from US estate sales and auctions, then sell them to collectors in Japan and Germany through online marketplaces like eBay and specialized forums. Like Anastasia, my contracts specify that ownership transfers when items leave my US shipping location, but I'm wondering if the fact that I'm using international shipping platforms changes anything about the sourcing determination. The platforms handle some of the payment processing and currency conversion, so I'm not sure if that creates any complications. Also, does anyone know if there are different considerations when you're selling collectibles versus regular retail products? The items I sell are often unique pieces, not mass-produced inventory, so I'm curious if the IRS has different rules for this type of business model.
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