Has anyone actually received a 1099 from Airbnb for hosting? I've been hosting for 3 years and never got one, even though I made well over the threshold amount.

This is a complex situation that touches on several different tax issues for new permanent residents. Let me break down the key points: **Immediate Action Items:** 1. **File FBAR immediately** - As mentioned by others, you're required to file FinCEN Form 114 for any year your foreign accounts exceeded $10,000. The deadline was October 15th, but you can still file late. Consider the IRS Streamlined Filing Compliance Procedures if you weren't aware of this requirement. 2. **Amend your 2023 return** - Your tax preparer's advice was likely incorrect. Even if you're just passing through income, the IRS typically views the person receiving the payments as having constructive receipt of the income. You'll need to report the Airbnb income and then potentially claim offsetting deductions for amounts transferred to your father. **Going Forward:** - Definitely switch the Airbnb payouts directly to your father's account - Keep meticulous records of all transfers and your management arrangement - Consider formalizing your arrangement with a written property management agreement **The W-9 Dilemma:** If Airbnb insists on the W-9, you may have to comply since you're the account holder. This will likely trigger a 1099-K being sent to both you and the IRS, making it even more important that you properly report this income on your amended return. Given the complexity with international tax obligations, FBAR requirements, and potential penalties, I'd strongly recommend consulting with a tax professional who specializes in international taxation for permanent residents. The cost of proper advice now will be much less than potential IRS penalties later.

Based on my experience working with tax clients, what you're experiencing is likely an ACH processing delay. The Treasury Financial Management Service (FMS) initiates the ACH transaction, but it must pass through the Federal Reserve's processing system before reaching your financial institution. This typically takes 24-48 hours after your DDD, but can extend to 5 business days during peak tax season without indicating any problem. If your bank isn't showing a pending deposit by day 5 post-DDD, that's when you should request a payment trace through the IRS.

I'm going through the exact same thing right now! My transcript shows the 846 code with today's date, and I've been refreshing my banking app every hour like it's going to magically appear. It's so frustrating when you're counting on that money. From what I'm reading here, it sounds like this delay is more common than the IRS lets on. I think I'm going to give it until Monday before I start panicking - thanks everyone for sharing your experiences, it really helps to know I'm not alone in this!

Just an FYI - i made the mistake of just ignoring my quarterly payments one year thinking the penalty wouldn't be that bad. Big mistake! ended up owing about $1,200 in penalties and interest on top of my taxes. they calculate it daily so it really adds up.

I'm dealing with a similar situation right now and wanted to share what I've learned from my tax preparer. One thing that might help with your anxiety is knowing that the IRS has a "reasonable cause" exception for penalty relief when you have unexpected medical expenses. You'll need to document everything - medical bills, insurance statements, etc. - but it's worth keeping track of this stuff as you go. For your irregular musician income, consider setting aside a percentage of each gig payment into a separate "tax account" rather than trying to predict your total yearly income. Even if it's just 20-25% of each payment, it'll help you build up funds for those quarterly payments without the stress of trying to come up with large lump sums. Also, don't forget that you can deduct unreimbursed medical expenses that exceed 7.5% of your AGI, plus all your business expenses as a musician (equipment, travel, etc.). Sometimes people in tight financial situations overlook deductions that could significantly reduce what they actually owe. Hang in there - this stuff is stressful but there are definitely options to work with the IRS rather than just hoping for the best!

One thing nobody mentioned yet - you might need to pay quarterly estimated taxes if you expect to owe more than $1,000 in taxes for the year. This is especially important for self-employment since you don't have an employer withholding taxes. Self-employment tax is about 15.3% on top of regular income tax, which catches a lot of first-timers by surprise. Google "1040-ES" for the forms you need.

Hey Giovanni! I was in a similar situation when I started my photography side hustle in college. Here's what I wish someone had told me upfront: You're absolutely right to want to handle this yourself - it's actually pretty straightforward once you understand the basics. Even if you only make a few hundred dollars, you should report it. The good news is that as a student, you likely won't owe much in actual taxes, but you will need to pay self-employment tax (about 15.3%) on any profit over $400. Here's my simplified checklist for you: 1. Keep detailed records of ALL payments (screenshots work fine) 2. Track any business expenses (phone bill, props, etc.) 3. You'll file Schedule C with your regular tax return 4. If you make over $1,000 profit, start making quarterly payments to avoid penalties The payment app thing is confusing - they'll send you a 1099-K if you receive over $600, but you need to report everything regardless of whether you get that form. Pro tip: Open a separate bank account just for this income if possible. Makes tracking everything so much easier come tax time. You got this! 💪

I'm really confused by all this ERTC amendment stuff... My CPA told me the reduction should only be for the refundable portion, not the nonrefundable part. But now I'm reading conflicting advice here. Does anyone have an actual IRS reference that clarifies this?

I went through this exact same situation with my S-Corp last year and can confirm what others have said - you need to reduce wage expenses by the FULL ERTC amount (both refundable and nonrefundable portions), excluding any interest received. The key thing to remember is that the ERTC is essentially the government reimbursing you for wages you paid, so you can't also deduct those same wages as a business expense. It would be double-dipping. For your $87k in 2020 and $112k in 2021 refunds, make sure you separate out any interest portion before calculating the wage expense reduction. The interest is taxable income but doesn't affect the wage deduction adjustment. One heads up - this will create a significant increase in your pass-through income, which means additional personal tax liability when you amend your 1040s. With amounts that large, you might want to consider making estimated payments to avoid underpayment penalties. The amendment process can take several months, so plan accordingly for the cash flow impact.