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Something important no one's mentioned yet: if the property was used as collateral for an SBA loan but was NOT used in the business itself (like if you pledged your investment property for a completely separate business loan), the relationship between the loan and property is really just about the security interest, not about the tax basis. Check if your loan was partially forgiven when they took the proceeds. If the $380k didn't fully satisfy the loan and they forgave the remaining balance, that forgiven amount could be taxable as cancellation of debt income, which is separate from the capital gain on the property sale.
That's EXACTLY my situation! The property was just collateral for my business loan but not used in the business. The $380k satisfied about 80% of the loan and they did forgive the rest. So I need to worry about both capital gains tax AND cancellation of debt income?
Yes, you'll need to address both issues on your tax return. The capital gain from the property sale is calculated as the difference between the sale price and your adjusted basis, reported on Schedule D. For the loan forgiveness, you'll need to report this as cancellation of debt income on Form 982. However, there are exceptions that might apply - particularly if you were insolvent at the time of forgiveness or if the debt was related to a qualified business. This is definitely a situation where professional advice is valuable, as proper documentation can make a huge difference in your tax outcome.
Beware of the phantom gain trap here! I went through something similar. Even though all money went to the bank, the IRS still considered the debt relief as income to me. What made it worse - I had depreciated the property over the years (required for rental/investment property), which lowered my basis. So my "profit" calculation included not just the actual appreciation but also all that depreciation getting "recaptured" at a 25% tax rate! Ended up owing taxes on money I never saw. Make sure you calculate your adjusted basis correctly including any depreciation you've taken.
This is so important. Question for you - did you use a tax pro to figure this out? I'm in a similar situation and wondering if tax software can handle this complexity or if I need to hire someone.
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Has anyone taken the EA exam in Hindi? I've heard it's available in multiple languages now, but not sure if that's actually helpful or if the translations are confusing.
I took it in English even though Hindi is my first language. The tax terminology is mostly English anyway, so I found the translated version more confusing than helpful when I tried practice questions in Hindi. The technical terms don't always translate well.
Don't overlook state taxation if you're planning to work with US clients! The EA exam focuses heavily on federal taxation, but many clients will need help with state returns too. I recommend spending some extra time learning about common state tax issues, especially for states with large Indian populations (CA, TX, NJ, NY). Also, understanding FBAR and international reporting requirements is crucial - missing these can result in massive penalties for clients. These foreign account reporting requirements trip up many international tax professionals who focus too much on just the income tax forms.
This is super helpful advice I hadn't considered. Are there any specific resources you'd recommend for learning about state taxation and these FBAR requirements? Would the regular EA prep courses cover these topics adequately?
Most EA courses touch on FBAR and international reporting but not deeply enough for specializing in international clients. I'd recommend the IRS's own resources on FBAR and Form 8938 requirements as a start (search "IRS FBAR Reference Guide"). For state taxation, each state has different rules, but I'd suggest focusing initially on understanding residency rules and sourcing of income, as these determine filing requirements. The tax foundation website has good comparative information across states. Once you understand the concepts, you can look up specific state rules as needed. Bloomberg Tax and Thomson Reuters also have good continuing education courses on international tax compliance that go beyond what's covered in basic EA prep.
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Just a heads up - make sure your wife keeps all the documentation that came with the check! My brother went through this last year with my grandmother's IRA, and he needed that withholding statement when filing his taxes to prove the taxes had already been withheld. Also, depending on the size of the inheritance, you might want to look into making an estimated tax payment if the withholding won't cover your tax liability. My brother got hit with an underpayment penalty because the withholding wasn't enough based on his tax bracket.
Thanks for the warning! Do you know where I can figure out if we need to make an estimated payment? The inheritance was about $47,000 and they withheld around $5,600. We both make about $70k each yearly if that helps.
With a combined income of around $140k plus this $47k inheritance, you're looking at potentially being in the 22% federal tax bracket for 2025 (assuming you're married filing jointly and tax brackets stay similar to 2024). At 22%, the tax on $47k would be about $10,340, but they only withheld $5,600. So you might be under-withheld by around $4,740. To avoid a potential underpayment penalty, you could make an estimated tax payment using Form 1040-ES. The IRS website has a withholding calculator that can help determine the exact amount based on your full financial picture.
Has anyone here used TurboTax to report inherited IRA distributions? I'm trying to figure out if their software handles this correctly or if I need to go to an actual accountant this year. I inherited my mom's IRA similar to OP's situation and I'm worried about messing it up.
I used TurboTax last year for this exact situation. It actually does a good job with inherited IRAs. There's a specific section for reporting distributions, and it asks if it's from an inherited account. Just make sure you have the 1099-R form from the financial institution (they'll send it in January/February) and enter everything exactly as shown on that form.
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Have you considered talking to your state's Department of Labor about this? Sounds like a clear misclassification case. I was in a similar situation as a personal trainer and had to file an SS-8 form with the IRS.
I did this for my job as a martial arts instructor. It took about 6 months but the IRS determined I was misclassified and I was able to file as self-employed, which saved me thousands in deductions.
Just wondering - how much are you paying in Social Security and Medicare taxes on your W2? As a 1099 contractor, you'd pay both the employer and employee portions (self-employment tax), which is about 15.3%. Make sure you're factoring that in when deciding if you want to push for reclassification.
This is actually a really important point! When I switched from W2 to 1099 for my coaching job, I was excited about the deductions but then got hit with that self-employment tax. Wasn't prepared for it.
I hadn't even thought about that aspect. My last pay stub shows I'm paying about 7.65% for Social Security and Medicare combined. So I'd basically be paying double that as a 1099? That definitely changes the math on whether pushing for reclassification makes sense. I'll need to calculate if the deductions would offset that extra cost.
Vanessa Figueroa
Just wanted to add something nobody mentioned - if you're filing jointly with a spouse, you can file Form 8379 (Injured Spouse Allocation) if the debt is only yours (not joint). This might let your spouse get their portion of the refund. Doesn't help if you're single or if it's joint debt though.
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Raul Neal
•That's interesting! My debt is just mine, but I'm filing single so I guess that doesn't help in my case. But good to know for others. How exactly does that work with the injured spouse thing?
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Vanessa Figueroa
•The Injured Spouse Allocation basically separates your tax return into two portions - one belonging to you and one belonging to your spouse. If only one spouse has the debt (like back taxes, child support, etc.), the other spouse can file this form to protect their share of the refund. The IRS uses a formula based on income, withholding, credits, etc. to determine how much of the refund belongs to each spouse. Then only the debtor spouse's portion gets offset while the injured spouse can still receive their share. It's a bit complicated but can be really helpful in joint filing situations where only one person has the debt.
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Abby Marshall
Can you just change your W-4 to withhold less for the rest of the year to make up for the refund you're not getting? That way you'd have more money in each paycheck instead of waiting for a refund that's just going to your debt anyway.
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Sadie Benitez
•This is actually really smart. Adjust your withholding so you're getting more in each paycheck rather than giving the IRS an interest-free loan that just goes to your debt. Just be careful not to under-withhold too much or you'll end up owing again next year.
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