Don't forget about FATCA and FBAR requirements! When you have financial accounts outside the US exceeding certain thresholds, you need to report them. FBAR (FinCEN Form 114) is required if your foreign accounts exceed $10,000 at any point during the year, and FATCA forms are required at various thresholds depending on your filing status. The penalties for not filing these forms are CRAZY high even if you don't owe any tax. Like, $10,000+ for non-willful violations. Make sure you're tracking all your NZ bank accounts, including any business accounts for that B&B venture.

Just wanted to add another perspective on the business structure aspect. Since your wife would be the owner of the B&B as a NZ citizen, you'll also need to consider whether this creates any issues with US gift tax rules if you're contributing funds to a business you don't legally own. Also, regarding the rental property in the US - even if you're breaking even cashflow-wise, don't forget that you'll be taking depreciation deductions which will reduce your basis. When you eventually sell, you'll have depreciation recapture to deal with, which is taxed as ordinary income up to 25%. This could create a significant tax bill down the road that many people don't anticipate. One more thing to research: NZ has something called the "bright-line test" for property investments, which could affect the tax treatment of your B&B if you sell within a certain timeframe. Since you're planning to reinvest profits initially, this might not be immediate concern, but it's worth understanding for long-term planning. The international tax situation is definitely complex, but with proper planning and the right resources, it's totally manageable. Good luck with the move!

Another tip - when you submit multiple Form 8889s, write "HSA 1 of 3", "HSA 2 of 3", and "HSA 3 of 3" at the top of each form. This helps the IRS understand that you're submitting multiple forms intentionally and they're all part of the same tax filing. I had a similar situation and this simple labeling prevented confusion. The IRS agent I spoke with specifically recommended this approach!

Just labeling the forms is usually sufficient! I didn't include any additional explanation letter when I submitted my multiple HSA forms, and the IRS processed them without any issues. The numbering system (like "HSA 1 of 3") makes it clear that you're intentionally filing multiple forms for the same tax year. However, if your situation is particularly complex or if you're responding to a specific IRS notice, you might want to include a brief cover letter explaining that you're filing separate Form 8889s for each HSA account. But for most cases, the labeling alone should do the trick. The key is making sure each form is complete and accurate for its specific HSA, with the correct distributions and qualified medical expenses allocated appropriately across all forms.

I'm an accountant and handle this situation all the time with clients. Here's a simple checklist for unused LLCs: Federal: If single-member (disregarded entity), no separate federal filing needed. If multi-member or elected corporate taxation, file returns showing zero activity. State Income Tax: Varies dramatically by state. Some require returns regardless of activity. State Franchise/Privilege Tax: Many states charge these regardless of income (CA's $800 minimum is notorious). Annual Reports: Often required by Secretary of State offices regardless of activity. Honestly, between state fees, franchise taxes, and filing requirements, an unused LLC usually costs more trouble than it's worth. I typically advise clients to dissolve unused entities and form a new one when they're actually ready to start the business.

As someone who went through this exact situation last year, I'd definitely recommend getting professional advice before making the dissolution decision. I almost dissolved my unused LLC thinking it was just costing me money, but my accountant pointed out that if I planned to start any business in the next few years, keeping it might actually save money in the long run. Formation fees, registered agent costs, and the time to set everything up again can add up. Plus, some states have "shelf life" restrictions where you can't reuse certain business names for a period after dissolution. If you're truly done with business plans, dissolve it. But if there's any chance you'll want to start something in the next 2-3 years, it might be worth keeping and just staying compliant with the minimal requirements.

yall need to chill. its only been 8 weeks, thats normal processing time these days. welcome to life in 2025 lol

I'm dealing with the same thing! Filed my Maryland return in late January and still waiting. The website errors are so frustrating - I keep getting "system temporarily unavailable" messages. I tried calling yesterday and was on hold for 2 hours before giving up. Really hoping they get their act together soon because I was counting on that refund for some bills.

Has anyone actually done the math on whether cost segregation is worth it? I'm paying about $15k for a study on my $2M apartment building, and I'm not sure if the accelerated tax benefits are really worth the cost plus the hassle of all these depreciation questions.

Great question Dylan! I've been through this exact situation with multiple properties. The key thing to understand is that you DO have some control, but it's not as simple as just choosing how much to take each year. Here's what you can actually control: 1. **Bonus Depreciation Elections**: For each asset class identified in your cost seg study (5-year, 7-year, 15-year property), you can elect OUT of bonus depreciation on a class-by-class basis. This means instead of taking 80% bonus depreciation in 2025, you'd follow the regular MACRS schedule. 2. **Section 179 Elections**: You can also choose whether to take Section 179 expensing on qualifying property. 3. **Timing Strategy**: While you can't defer depreciation once you've established the method, you can make these elections strategically to spread the benefits. The important thing is these elections need to be made on your tax return for the year you place the property in service (or amend if you missed it). You can't just decide year-by-year how much to take - but you CAN structure it upfront to better match your income patterns. I'd definitely recommend working with a CPA who specializes in real estate taxation to model out different scenarios based on your specific income projections. The decision you make now will affect your taxes for years to come.