Has anyone dealt with reporting rental income from foreign property when the rent is paid in foreign currency? I'm considering buying in Colombia and would likely get rent payments in Colombian pesos. Do I convert to USD before reporting?

Just to add another perspective - if you're planning to use the Costa Rica property as a home office while working remotely, you might be able to deduct a portion of the expenses as business use of home. But this gets tricky with foreign property. The IRS allows home office deductions for the portion of your home used regularly and exclusively for business. If you have a dedicated workspace in your Costa Rica property, you could potentially allocate some of the property expenses (utilities, maintenance, etc.) as business deductions. However, you'll need to be very careful about documentation and make sure you're not double-dipping on deductions. Also, if you claim significant business use, it could affect your ability to exclude gain on the sale under the foreign residence exclusion rules. Given the complexity of mixing personal use, rental income, and potential business use all in one foreign property, I'd strongly recommend getting professional tax advice before making the purchase. The reporting requirements alone can be quite involved.

Does anyone know if there's a time limit to file a complaint against a tax preparer? Mine did something similar last year and I just found out he made a huge mistake that's costing me over $2,000 in penalties.

This is exactly why I always recommend getting copies of everything before you hand over your documents to any tax preparer. In your situation, I'd suggest taking immediate action on multiple fronts: First, create an online account at IRS.gov to check your account transcript - this will show you exactly what's been filed under your SSN, including whether that extension was actually submitted. You can also see the status of your 2021 refund there. Second, send that certified letter Max mentioned, but also consider showing up at his office in person if it's local. Sometimes the threat of appearing in person gets preparers to respond when calls and emails don't. Third, start gathering recommendations for a new preparer NOW, even if your current one suddenly resurfaces. The October 15th deadline is approaching fast, and you don't want to be scrambling at the last minute. Look for someone who's an EA or CPA and has good reviews. Finally, document everything - dates of calls, texts sent, voicemails left. This paper trail will be crucial if you need to file complaints or pursue getting your $375 back. You shouldn't have to chase down someone you're paying to provide a service.

Something else to consider with synthetic longs - the holding period for the acquired stock. If you get assigned on the put (scenario 2), your holding period for the stock begins on the assignment date, not when you originally opened the options position. This can have implications if you're trying to qualify for long-term capital gains treatment. I learned this the hard way last year when I thought my synthetic long positions would carry over the holding period from when I opened them. Nope - it's all short-term until you've held the actual shares for >1 year from assignment.

Another quirk to be aware of - qualified dividends! If your synthetic long crosses an ex-dividend date, any dividend equivalents you effectively receive aren't eligible for qualified dividend tax treatment. With actual share ownership, you can get the preferential qualified dividend tax rate if you meet the holding period requirements. But with a synthetic long, you're technically not receiving dividends - you're just seeing the options prices adjust to account for the dividend. So any dividend benefit gets taxed as ordinary income through the options pricing.

Just want to add something important about the nursing home situation. If your mom is on Medicaid or will be applying for Medicaid to cover nursing home costs, there are specific financial reporting requirements beyond just tax filing. Medicaid eligibility is separate from tax filing requirements. Even though she doesn't need to file taxes, you'll need to provide income verification (including her Social Security income) for Medicaid purposes. The nursing home financial counselor should be able to guide you through this process. Also, keep track of any gifts or transfers of assets made in the last 5 years, as these can affect Medicaid eligibility due to the "look-back" period. Many families get confused between tax requirements and Medicaid requirements.

One thing nobody's mentioned - if your mom was filing taxes in previous years when she only had Social Security income, you might want to look into whether she overpaid in the past. You may be able to file amended returns for open tax years (generally the last three years) to get refunds. I discovered my father had been unnecessarily filing and paying taxes on his Social Security for years when his income was below the threshold. We filed amended returns for 2022, 2023, and 2024, and got back nearly $2,400! Just something to consider if she's been filing unnecessarily in recent years.

Happened to me last year! The "accepted" status just means your return passed the basic format checks. Mine sat in "accepted" status for almost 3 weeks before moving to "approved" and then I got my refund 2 days later. I wouldn't worry until at least 21 days have passed.

I went through this exact same situation last month! Filed through TurboTax in early February, got the acceptance confirmation right away, but then sat at "Return Received" for what felt like forever. I was getting so anxious because I needed the money for some unexpected medical bills. Turns out it took exactly 18 days from acceptance to approval, and then I had my refund deposited 3 days after that. The waiting is definitely the hardest part, especially when you see other people getting theirs so quickly. But like others have mentioned, having multiple jobs and withholding changes can definitely add some processing time. The good news is that once it moves to "Approved" status, the actual refund deposit usually happens very quickly. Hang in there - 10 days is still well within the normal range!