Don't forget about the "ordinary and necessary" test for business deductions! I tried to deduct a bunch of home exercise equipment for my accounting business because I claimed I needed to stay fit to handle client meetings, and got DESTROYED in an audit. The IRS agent literally laughed at me. Unless fitness content is your ACTUAL business (which sounds like it will be for you), they'll likely see it as primarily personal. The fact that you're establishing a track record of fitness content BEFORE claiming the deductions will help tremendously. Maybe start with cheaper equipment and build up as your fitness channel grows?

From my experience working with content creators, the fact that you have an established YouTube business with $67,000 in annual revenue puts you in a strong position to justify these deductions. Since you're pivoting your existing business rather than starting from scratch, the home gym equipment would fall under ordinary and necessary business expenses for your trade. Here's what I'd recommend: First, clearly separate the gym setup into business-specific components (lighting rigs, camera mounts, backdrop systems) versus standard gym equipment. The production equipment can likely be 100% business deductible since it has no personal benefit. For the actual workout equipment, document your intended business use percentage before you start filming. Keep detailed records from day one - log every filming session, content planning workout, and personal use. I've seen creators successfully justify 70-80% business use when they can show the equipment is primarily configured and used for content creation rather than personal fitness. Consider setting up the space with clear visual indicators of its business purpose (permanent camera positions, business signage, etc.) and take photos for your records. This helps establish that it's genuinely a production facility that happens to involve fitness equipment rather than a personal gym you sometimes film in.

Quick question - I'm dealing with similar issue but my employer is claiming I'm "partially an employee and partially a contractor" for different duties. Is that even legal?

I went through almost the exact same situation two years ago! My employer had me as 1099 for 8 months then switched to W-2. I was also worried about creating workplace drama since I liked my job. Here's what I learned: approach it as helping them fix an administrative error rather than accusing them of wrongdoing. I scheduled a meeting with HR and said something like "I noticed I received both a 1099 and W-2 for 2024, and I want to make sure we handle this correctly for both the company and my tax filing." Most employers actually appreciate when you bring this to their attention because misclassification can create bigger problems for them down the road with the Department of Labor or state agencies. My HR department was grateful I flagged it and immediately worked with payroll to issue a corrected W-2 covering my full year's income and voided the 1099. The key is framing it as "let's fix this together" rather than "you messed up." In my experience, reasonable employers want to do the right thing - they just need to understand what that is.

Another thing to consider is that there's an annual gift tax exclusion ($17,000 for 2024). Since your I-Bond is only $3,000, it's well under that limit anyway, so you wouldn't have to file a gift tax return even if you had completed the gift. But the other commenters are right that it's not even considered a completed gift yet while it sits in the gift box.

I think everyone is overlooking that I-Bond interest is exempt from state income tax! That's a huge benefit in California with our high state tax rates. Make sure you're accounting for that when deciding if/when to transfer the bond to your child.

When u finally get in make sure to save PDFs of everything. Don't wanna go thru this whole process again trust me

Just went through this myself last month! Here's the step-by-step: 1) Look for "Get Transcript Online" button (should be blue and prominent on the main transcript page), 2) You'll be redirected to ID.me for identity verification - this is the tricky part that trips everyone up, 3) Have your SSN, phone, and a government ID ready for the verification process, 4) Once verified, you can download your transcripts immediately as PDFs. The ID.me verification can take 10-15 minutes if you do the selfie route, or longer if you need to upload documents. Don't get discouraged if it seems complicated - it's worth it for instant access. And definitely avoid that maintenance window on Feb 9th!

Don't waste your time with the 1099-C as an individual. The IRS will most likely reject it since you're not a financial institution. I went down this rabbit hole last year with a tenant who bailed owing rent. The most straightforward approach is claiming a non-business bad debt deduction on Schedule D. You'll need to attach a statement explaining the nature of the debt, when it became worthless, and your efforts to collect. It gets reported as a short-term capital loss regardless of how long the debt was outstanding. One important thing - make sure you claim it in the year the debt actually became worthless. If the moving company is still technically in business, even if they're not responsive, the IRS might argue the debt hasn't become completely worthless yet.

I've been through a similar situation with a contractor who disappeared after doing subpar work. Based on my research and experience, the bad debt deduction route on Schedule D is definitely the way to go rather than trying to issue a 1099-C as an individual. The key documentation you'll need includes: the original agreement showing the movers acknowledged liability for the damage, receipts for the repair work, records of the partial payment they made, and most importantly - evidence of your collection efforts (emails, certified letters, phone call logs, etc.). Since they've made partial payment, you have strong evidence that they acknowledged the debt. For the remaining $1,075, you'll need to establish when the debt became "wholly worthless." If the company is truly defunct, gather evidence of that - check if their business license was revoked, if their phone/email bounces back, or if their office is closed. One thing to consider: you mentioned they might still file taxes this year. If there's any chance they're still operating or could pay in the future, the IRS might not consider the debt completely worthless yet. The timing of when you claim this deduction matters for audit purposes. Also remember this will be treated as a non-business bad debt, so it's limited to $3,000 per year against ordinary income, but you can carry forward any excess.