Lemme tell u what happened to my cousin. He was on F1 and let his gf use his account for etsy business. IRS sent him a letter saying he owed taxes on $18k of "unreported income" 😱 He had to prove that money wasn't his, which was super hard since it went into HIS account. Took like 8 months to resolve and he nearly missed opt application deadline bc of it. DON'T DO IT. Specially the crypto part. IRS is watching crypto transactions like hawks now!

As an F1 student myself, I want to strongly echo what everyone else is saying - DO NOT let your friend use your account for his crypto business. This is incredibly risky for multiple reasons: 1. **Tax implications**: Any money flowing through your account could be treated as income by the IRS, even if you're just a middleman. You'd need to report it and potentially pay taxes on it. 2. **Visa status risk**: F1 students have strict limitations on business activities. The USCIS could view this as unauthorized employment or business activity, which could jeopardize your visa status. 3. **Banking issues**: Banks monitor for suspicious activity patterns. Large, frequent transfers could trigger anti-money laundering alerts and freeze your account. 4. **Legal liability**: If your friend's business has any legal issues, you could be implicated since the money flows through your account. For your parents sending money for legitimate expenses (allowance, rent), that's generally fine as family support. Just keep good records showing the purpose of each transfer. Consider having them pay your university directly for tuition when possible, as that's clearly educational support. My advice: Tell your friend to set up his own business banking account. The risks to your education and legal status are just too high. It's not worth jeopardizing your future for this favor.

Has anyone dealt with a situation where they owned two properties simultaneously? I'm a consultant who splits time between two states about 50/50, own homes in both places, and I'm trying to figure out which one would qualify as my "primary" for Section 121 purposes.

Based on your situation, you have a very good chance of qualifying for the Section 121 exclusion. The key factors working in your favor are that you've maintained all official ties to the property (mail, voter registration, tax returns) and it's your only owned residence. The IRS recognizes temporary absences, even extended ones, as long as there's intent to return. Your digital nomad lifestyle doesn't automatically disqualify you - many people travel extensively while maintaining primary residence status. The fact that you've kept most belongings there and maintained it as your legal address are strong indicators of primary residence. However, I'd strongly recommend documenting everything that connects you to that address before you sell. Keep records of your voter registration, tax filings, bank statements, insurance policies, and any other official documents tied to that address. This documentation will be crucial if the IRS ever questions your claim. One potential complication is the partial rental situation you mentioned in the comments. Make sure you're properly accounting for any rental income and be prepared to allocate the exclusion based on the percentage of the home used for personal versus rental purposes. But this shouldn't disqualify you entirely - just affects the calculation. Given the complexity and potential tax savings involved, it might be worth consulting with a tax professional who can review your specific situation and ensure you're maximizing your exclusion while staying compliant.

Great question! I went through this exact same situation in Jacksonville last year. Definitely pay your nanny as a household employee, not through the LLC - that's the legally correct way and avoids potential complications down the road. A few practical tips from my experience: 1. Set up a separate checking account just for nanny payments - makes tracking so much easier come tax time 2. Keep meticulous records of hours worked, payments made, and any reimbursements 3. Consider using a service like HomePay or GTM right from the start - I tried doing it myself initially and it was more complex than expected Also, since you're in Florida, make sure you register for state unemployment insurance within 30 days of paying your nanny more than $1,000 in any quarter. Florida's rate is relatively low but it's required. One last thing - have a written work agreement that clearly outlines duties, schedule, pay rate, and house rules. It protects both you and your nanny and makes the whole employment relationship smoother.

Just wanted to add another perspective here - we hired our nanny about 6 months ago and went through all this research too. One thing I wish someone had told me upfront is to budget for the "employer portion" of taxes on top of the nanny's salary. You'll pay an additional 7.65% in Social Security and Medicare taxes (matching what you withhold from the nanny), plus Florida unemployment insurance which runs about 2.7% on the first $7,000 of wages. So if you're paying your nanny $15/hour for 16 hours a week, budget an extra $100-150 per month just for your employer tax obligations. Also, start the paperwork process early! Getting an EIN (employer identification number) from the IRS can take a few weeks, and you'll need that before you can properly set up payroll. Florida's unemployment registration was pretty quick online though. The good news is once you get everything set up, the ongoing process isn't too bad. We use GTM Payroll and it's been worth every penny for the peace of mind.

The timing right now is much worse than earlier in the season. People who verified in January were seeing DDDs within 5-7 days, but now in peak season it's taking 2-3 weeks for many people. Your Thursday verification puts you in a better position than weekend verifications, which tend to get processed in later batches. I'd expect movement by next Thursday at the latest, compared to paper filers who are waiting months. Check your transcript daily - that's where you'll see updates first, usually with a 571 code reversing any previous holds.

I completely understand the anxiety, especially with your mom's medical needs. From what I've seen in this community, verification timing has been all over the place this season. A few things that might help while you wait: • Check your transcript daily at irs.gov - it updates before Where's My Refund and will show codes like 571 (reversing holds) or 846 (refund date) first • If you have genuine hardship due to medical expenses, document everything. The Taxpayer Advocate Service can sometimes expedite cases with medical hardship • Thursday verifications typically process in the next weekly cycle, so you might see movement by Wednesday/Thursday this week I was in a similar situation last year caring for my elderly father. The financial stress is real when you're waiting on funds for medical equipment. The good news is that once you've verified, you're past the biggest hurdle - now it's just processing time. Most people are seeing 8-14 days from verification to DDD this season. Stay strong, and I hope you get your DDD soon so you can get your mom what she needs. 🙏

One thing nobody mentioned - if this is your first time missing tax payments, you might qualify for the IRS First Time Penalty Abatement program! It won't eliminate what you owe, but could wipe out the failure-to-pay penalties if you've had a clean tax record for the past 3 years. You have to ask for it specifically though - they don't automatically give it to you. Just another option to help reduce the total amount.

I went through a very similar situation a couple years ago - owed about $3,200 on 1099 income and was completely panicking. Here's what I learned that might help: First, definitely file your taxes on time even if you can't pay. The penalty for not filing is 5% per month (up to 25%) while the penalty for not paying is only 0.5% per month. Big difference! Second, don't overlook business deductions. As a freelancer, you can deduct a lot more than you might think - home office expenses, equipment, software, phone/internet, mileage, training costs, etc. I ended up reducing my tax bill by almost $800 just by claiming legitimate business expenses I hadn't thought of. Third, the IRS payment plans are pretty reasonable. I got on a plan for $85/month and the whole process was much less scary than I expected. You can apply online after you file, and if you owe less than $50,000 it's usually auto-approved. The move between states does complicate things a bit, but since you moved from California to Texas (no state income tax), you'll probably just need to file a part-year California return. Don't let the complexity paralyze you - just file and deal with any corrections later if needed. You've got options and this is definitely manageable!