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Niko Ramsey
Is anyone else confused by the term "ordinary income" the OP used? Sounds like they might have received dividends of $275.43 rather than proceeds from selling the stock. That would be a totally different tax situation.
Good catch. If that $275.43 was actually dividend income and not sale proceeds, then the loss calculation would be completely different. OP would need to clarify if they actually sold the stock or just received dividends.
Ana Rusula
@Jasmine Hancock - I think there might be some confusion in your original post. You mentioned the stocks "generated $275.43 in ordinary income" but then talked about selling them. Can you clarify what that $275.43 represents? If you actually sold the stocks and received $275.43 as the sale proceeds, then your capital loss would be $1,732.08 - $275.43 = $1,456.65 as others have calculated. However, if $275.43 was dividend income you received while still owning the stocks, that's completely separate from any sale transaction. Dividends are ordinary income and don't affect your cost basis. If you then sold the stocks for a different amount, you'd need that sale price to calculate your capital gain/loss. Could you double-check your brokerage statements to confirm what that $275.43 actually represents? This will make a big difference in how you report everything on your tax return.
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Don't forget about potential foreign tax implications! When I inherited property in Italy, I had to pay inheritance taxes there before I could sell. Those foreign taxes paid might make you eligible for Foreign Tax Credits on your US return. Make sure you're tracking all the taxes you paid abroad - they might help reduce your US tax bill. Also, if you held the property for any period of time (sounds like you sold immediately, but just in case), be aware that foreign property ownership often has ongoing reporting requirements like Form 8938 if your foreign assets exceed certain thresholds.
I didn't even think about claiming a credit for the foreign taxes! I definitely paid some inheritance taxes in Spain as part of this process. Do you know which form I would use to claim those as a credit? And would I use the exchange rate at the time I paid those taxes?
You'd use Form 1116 (Foreign Tax Credit) to claim those foreign taxes paid. And yes, you should use the exchange rate from the date you actually paid those taxes to convert them to USD. Make sure to keep all documentation showing you paid these taxes to the foreign government. Since your situation spans multiple years, be careful about which tax year you claim the credit in - it should be the year you paid the foreign taxes, not necessarily the year you sold the property. If the credit is more than you can use in one year, you may be able to carry it back or forward.
Has anyone dealt with getting a fair market value determination for a property that's in a country where real estate records aren't as accessible as in the US? My mom left me her house in Vietnam, and I'm having a hard time establishing what it was worth when she passed.
Joshua Wood
ā¢I had this issue with property in rural Mexico. What worked for me was hiring a local real estate agent to provide a formal letter estimating the value based on their market knowledge. I also got statements from three neighbors who had sold similar properties around the same time. The IRS accepted these as reasonable evidence since I clearly made a good faith effort to establish fair value.
I'm dealing with a similar situation with property in the Philippines. What I found helpful was contacting the local tax assessor's office (if they have one) to get the assessed value from around the date of death. Even though assessed values are usually lower than market value, it provides an official baseline that the IRS recognizes. You can then use a reasonable multiplier based on local market conditions to estimate fair market value. Also try reaching out to local banks - they sometimes have appraisal data for mortgage purposes that can help establish market values for that time period.
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This happened to me in March. My WMR never moved past the first bar, but my check arrived on March 15th. I filed on February 2nd, so it took exactly 41 days from filing to delivery. I had the Child Tax Credit and Earned Income Credit on my return which always takes longer. The IRS is processing returns in batches this year, and many people in my situation are reporting the same experience - WMR not updating but checks arriving anyway.
I'm going through the exact same thing right now! Filed on February 8th and my WMR has been stuck on "Return Received" for over 3 weeks. It's so reassuring to hear that others have gotten their refunds even when WMR doesn't update - I was starting to think something was wrong with my return. I've been checking it multiple times a day like it's going to magically change! š I'm definitely going to try checking my transcript like some of the others suggested. Thanks for posting this - it's nice to know I'm not alone in this frustrating waiting game. Fingers crossed we both get our checks soon!
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Adaline Wong
Did you file married filing jointly? Sometimes if you're the secondary person on the return it goes to the primary person's account only.
Nope, filed as single so that's definitely not the issue.
Daniel Price
I'm going through the exact same thing with Commerce Bank! My transcript shows refund sent on May 8th and still nothing in my account. Called Commerce twice and they keep saying no pending deposits, but based on what everyone's saying here it sounds like we just need to wait a few more business days. The timing with weekends really throws everything off. I'm trying not to panic but when you're counting on that money it's so stressful. Let me know if yours shows up - I'll do the same!
Saanvi Krishnaswami
Just want to add a warning for the original poster - fixing this sooner rather than later is important. I had a similar situation but ignored it for years. When I finally tried to withdraw some money from my IRA, it became a complete nightmare proving which portions were non-deductible contributions. I ended up having to go through old bank statements and tax returns to piece together evidence for the IRS. They initially wanted to tax my entire withdrawal, including the portion that should have been tax-free return of already-taxed contributions. The whole ordeal took months to resolve.
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Caesar Grant
ā¢Thanks for the warning. Did you end up having to pay any penalties for filing the 8606 forms late? I'm definitely going to get this fixed now rather than waiting until retirement!
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Saanvi Krishnaswami
ā¢I initially received notices about the $50 per form penalty for late filing, but I wrote a letter explaining that I wasn't aware of the requirement and that I had always properly reported and paid taxes on all my income. The IRS ended up waiving the penalties in my case. The agent I spoke with mentioned they're generally more concerned with ensuring proper reporting going forward than penalizing honest mistakes, especially when no tax revenue was actually lost (since you paid tax on the income properly, just didn't file the tracking form).
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Demi Lagos
Has anyone actually calculated if making non-deductible traditional IRA contributions makes sense compared to just investing in a regular brokerage account? Since you're paying taxes now AND paying taxes on the earnings later, it seems like the math might not work out in favor of the traditional IRA in this case.
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Demi Lagos
ā¢Thanks for mentioning the backdoor Roth - I've heard of that but wasn't sure if it still worked after some of the recent tax law changes. Do you need to wait any specific amount of time between making the traditional IRA contribution and converting to Roth, or can you literally do it the same day?
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Sasha Reese
ā¢You can do the conversion immediately - there's no waiting period required. Many people do it the same day or within a few days to minimize any potential earnings in the traditional IRA that would be subject to tax on conversion. The key is to make sure you don't have any other pre-tax IRA money (from previous deductible contributions or rollovers from 401ks) because of the pro-rata rule that @a79a06c1d93b mentioned. If you do have other pre-tax IRA money, the conversion gets more complicated tax-wise. Also, even though recent legislation proposed eliminating the backdoor Roth strategy, those changes haven't been enacted yet, so it's still a valid strategy for 2024.
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