Don't forget that if you have foreign financial accounts with aggregate value over $10,000 at any point during the year, you also need to file an FBAR (FinCEN Form 114). That's separate from the Section 988 currency gain issue but often applies to people in similar situations. The penalties for not filing FBAR are way worse than messing up the currency gain reporting.

Make sure you're keeping good records of the exchange rates on the exact dates of your transactions. The IRS wants to see that you're using either the actual exchange rate from your bank statements or an official government rate source. I learned this the hard way when they questioned my Section 988 calculations during a review.

11 Has anyone actually received their 1099-K from Venmo yet for last year? I've sold way more than the $600 threshold but nothing has shown up in my account or email. Getting a bit nervous as I want to file my taxes soon.

Just wanted to share my experience for anyone still waiting on their 1099-K forms. I was in the same boat as the original poster - made about $850 through Venmo selling various items on Facebook Marketplace. I found my 1099-K in my Venmo account under Settings > Tax Documents about a week ago. It wasn't emailed to me automatically, so definitely check your account directly. The form lumps everything together as one gross amount, which initially freaked me out because I thought I'd owe taxes on money I made selling my old couch and textbooks at a loss. The key thing I learned is that the 1099-K is just an informational document - it doesn't mean you automatically owe taxes on that full amount. You'll need to determine on your own which transactions were actual taxable income versus personal property sales. Keep good records of what you originally paid for items you sold, especially if you sold them for less than you bought them for. For anyone still having trouble accessing their forms or getting through to customer service, the suggestions about third-party services in this thread seem legitimate based on other people's experiences. Tax season is stressful enough without fighting with payment app customer service!

One thing to consider - the American Opportunity Tax Credit your parents claimed might actually have been correct if they were supporting you. That credit can be claimed by whoever claims you as a dependent. But the taxable portion of scholarships above qualified education expenses is always taxable to the student, regardless of dependent status. A lot of students and parents don't realize these are separate issues. If I were you, I'd file the late return for 2023 and request first-time penalty abatement. The IRS is generally pretty understanding for first-time issues, especially with students who didn't understand the filing requirements.

Just wanted to add that the standard deduction for 2023 was $12,950 for single filers. So even if you had $14,700 in taxable scholarship income, your actual taxable income after the standard deduction would be around $1,750, putting your tax liability much lower than you're calculating. Also, don't forget that scholarships that go toward qualified education expenses (tuition, fees, books required for courses) aren't taxable. Only the portion that exceeds these expenses or goes toward room and board is taxable.

Has anyone tried the automatic OBD mileage trackers? They plug into your car's diagnostic port and track trips automatically. My tax guy recommended one called Vehmo but i'm not sure if it's worth the $80.

I've been doing gig work for about 2 years now and went through the same mileage tracking nightmare! What finally worked for me was combining two approaches: I use a simple voice memo app to record my starting and ending odometer readings while I'm sitting in my car (takes literally 5 seconds), then I have a weekly reminder on my phone to transcribe those voice memos into a simple spreadsheet. The voice memo method is foolproof because I can do it even when my hands are full or I'm in a hurry. I just say "Starting DoorDash shift, odometer 45,230" and then "Ending shift, odometer 45,267" when I'm done. At the end of the week, I listen to all the recordings and update my spreadsheet with dates, start/end miles, and total business miles. This system has saved me from losing track of about $3,000 worth of deductions last year. The key is finding something so simple that you literally can't forget or mess it up, even when you're tired after a long shift. Apps are great but they can fail or you can forget to use them - your voice is always available!

Just to be clear, since they're your ex-spouse, they don't have to meet the "member of household" test that normally applies for qualifying relatives. That's a special exception in the tax code for ex-spouses. But you still need to provide more than half their support for the year. Make sure they don't have other income sources you're not aware of. My ex had a small online business selling crafts that I didn't know about, and it pushed them over the income limit. Created a huge headache during tax filing.

One thing I haven't seen mentioned yet is that you should also keep track of any income your ex might receive throughout the year, even if it seems minimal. This includes things like unemployment benefits, cash gifts from family members, or any occasional odd jobs they might do. The $4,950 gross income limit is pretty strict, and even small amounts can add up. Also, since you mentioned they haven't filed taxes in several years, you might want to encourage them to get caught up on any required filings before you claim them as a dependent. While it shouldn't directly affect your ability to claim them, having clean tax records for both of you will make things smoother if the IRS has any questions. For the support test calculation, don't forget to include the fair rental value of them living in your home. If your rent/mortgage is $1,500/month and they're living there for 10 months, that's $15,000 in housing support you're providing. This often makes up a large portion of the "more than half support" requirement.