Don't forget about property tax reassessment! In some counties, a transfer - even between family members - can trigger a reassessment of the property value for property tax purposes. In my area, property that had been assessed at 1980s values suddenly got updated to current market value after a family transfer, and the annual property taxes increased by 5x! Make sure you check with your local tax assessor about any potential property tax implications before making the transfer.

Great point about property tax reassessment! This happened to a neighbor of mine too. One thing that might help is checking if your state has any family transfer exemptions. Some states like California have Proposition 19 rules that can limit reassessment for certain parent-to-child transfers, though the rules have gotten more restrictive recently. Also, if the land is currently classified as agricultural or forestry land for tax purposes, make sure the transfer won't cause it to lose that classification. Agricultural land often gets significant property tax breaks, and losing that status could mean a huge jump in annual taxes even without a reassessment of value. It's worth calling your county assessor's office before the transfer to ask specifically about their family transfer policies. Some counties are more aggressive about triggering reassessments than others, and knowing what to expect can help you plan for any increased tax burden.

This thread has been incredibly helpful for understanding the tax implications! I'm in a somewhat similar situation and wanted to share something that might benefit others here. I recently discovered that there are some nuances with state tax treatment that can significantly impact your overall tax bill, especially if you're in a high-tax state. While the federal calculations discussed here are spot-on, many states don't give preferential treatment to capital gains - they tax them as ordinary income at your marginal state tax rate. For example, if you're in California, New York, or New Jersey, you could end up paying 6-13% state tax on those capital gains even if you pay 0% federal tax. This can completely change your tax planning strategy. Also, for those dealing with inherited assets like the original poster, don't forget about potential state inheritance or estate taxes that might apply depending on which state the deceased lived in and where you live now. Some states have much lower exemption thresholds than the federal estate tax. One last tip: if you're doing any charitable giving this year, consider donating some of those appreciated stocks directly instead of cash. You can deduct the full fair market value and avoid paying capital gains tax on the appreciation entirely. It's a win-win that can be especially powerful when you're in a year with significant gains like this!

As someone who recently navigated a similar tax situation with inherited assets, I wanted to add a few practical tips that might help with implementation: First, make sure you have proper documentation for the stepped-up basis that others mentioned. You'll need either a formal appraisal from the date of death or brokerage statements showing values on that specific date. The IRS can be particular about this documentation, and having it organized upfront will save you headaches later. Second, if you're using tax software, double-check how it handles the "stacking" calculation. Some of the basic packages don't always correctly calculate the interaction between ordinary income and capital gains brackets. I ended up having to manually verify the calculations because my software initially got it wrong. Also consider the timing of when you actually realize these gains. If you haven't sold the stocks yet, you might want to think about spreading the sales across December and January to potentially optimize your tax situation across two years. Even a few days can make a difference if it helps you stay within the 0% capital gains bracket. Finally, don't forget about estimated tax payments if this creates a significant tax liability. The IRS expects quarterly payments if you'll owe more than $1,000, and there can be penalties for underpayment even if you get a refund when you file. Based on the calculations in this thread, you should be in good shape, but it's worth double-checking the safe harbor rules for your specific situation.

Pro tip for anyone who's cutting it close to deadline: Take a picture of yourself physically handing over your tax documents to the FedEx/UPS employee along with a photo of the receipt showing the date and time. I've had the IRS question my timely filing before, and having those photos saved me from a penalty.

Something that helped me understand the private delivery service rules better was realizing that the IRS treats these services differently than USPS because they don't have "postmarks" in the traditional sense. With USPS, the postmark date is what matters, but with FedEx/UPS, it's the actual date you hand over the package that counts as your filing date. I always make sure to drop off my tax documents during business hours so there's a clear timestamp on my receipt. If you use a drop box after hours, technically that might be considered the next business day, which could be problematic if you're cutting it close to the deadline. Also worth noting - if you're filing an extension (Form 4868), the same rules apply. The private delivery service has to be on the IRS approved list, and you need that receipt as proof of timely filing.

A lot of good info here but nobody mentioned that the timesheet might be misleading you. Your total pay is still $520 ($327 taxable wages + $193 non-taxable reimbursement). You're not losing money - the company is just separating the taxable from non-taxable portions as they should. Check your final paystub - you should see: - Gross earnings: $327 - Mileage reimbursement: $193 - Total: $520 (before tax withholding) Then taxes would only be calculated on the $327 portion.

This is a really helpful thread! I'm also a delivery driver and was confused about the same thing on my paystubs. Just to add one more perspective - make sure you're keeping good records of your actual miles driven vs. what your employer is reimbursing you for. In my case, I noticed my employer was only reimbursing me for "delivery miles" (the distance between stops) but not for the miles I drove to get to my first delivery or back home from my last one. Those "deadhead" miles can add up over time. Since the reimbursement rate is meant to cover all your vehicle costs (gas, wear and tear, depreciation, etc.), you want to make sure you're being reimbursed fairly for all business-related driving. If there's a significant gap, it might be worth discussing with your employer or at least tracking those unreimbursed miles for your own records.

I'm a tax preparer and see this situation frequently during tax season. Here are a few additional points that might help: If you were on Medicaid for the entire year and didn't receive any advance premium tax credits (APTC), you typically won't need Form 1095-A for your tax return. The 1095-A is primarily needed when you received APTC that needs to be reconciled with the Premium Tax Credit on your tax return. However, if you paid premiums for any months and received APTC, you'll definitely need the form. For those still waiting, here's what I tell my clients: 1. The Marketplace is legally required to provide a corrected or replacement 1095-A within 30 days of your request 2. You can file Form 8962 (Premium Tax Credit) without the 1095-A if you have all the required information from other sources, but this increases audit risk 3. If you're missing the SLCSP amounts specifically, the healthcare.gov lookup tool mentioned earlier is your best bet - just make sure you're using the correct effective dates for each month One last tip: if you received unemployment benefits in 2024, there may be additional Premium Tax Credit provisions that apply to your situation, so definitely consult the IRS guidance or a tax professional.

I just went through this nightmare myself and wanted to share what finally worked for me. After weeks of trying to get my 1095-A, I discovered that my state exchange (not healthcare.gov) had a completely separate portal for tax documents that I didn't even know existed. If you're in a state that runs its own marketplace (like California, New York, Massachusetts, etc.), definitely check your state exchange website directly rather than just healthcare.gov. I found mine by googling "[my state] health insurance marketplace tax forms" and it led me to a different login portal than the one I'd been using all along. Also, for anyone dealing with the SLCSP calculation - I learned that if you had coverage changes during the year (like switching from marketplace to Medicaid or vice versa), the SLCSP amount can actually change month to month based on your circumstances. So even if you find the lookup tool, make sure you're calculating it separately for each month you had marketplace coverage, not just using one annual amount. One more thing - if you're really stuck and need to file soon, some tax software will let you enter estimated amounts and then amend your return later when you get the actual 1095-A. Not ideal, but it's an option if you're facing deadlines.