Everyone here is focusing on federal taxes, but don't forget to check your state tax rules too. Some states have different rules for casualty and theft losses than the federal government. I live in California and was able to deduct some of my crypto losses on my state return even though I couldn't on federal.

Sorry to hear about your loss - phishing scams are unfortunately way too common in the crypto space. I went through something similar with a fake DeFi protocol last year. One thing that hasn't been mentioned yet is the importance of properly documenting the theft for your records, even if you can't deduct it this year. Keep screenshots of the scam messages, blockchain transaction records showing where your crypto went, any police reports you filed, and timestamps of when everything happened. While current tax law doesn't allow the deduction, tax rules around crypto are still evolving rapidly. Having solid documentation could be valuable if the rules change in the future or if you need to prove the theft occurred for other purposes. Also, make sure you're not accidentally reporting phantom gains on crypto you no longer own when you file - that's a mistake I almost made before my accountant caught it. The suggestions about consulting a crypto tax specialist are spot on. This stuff is complicated enough that generic tax advice often doesn't cover all the nuances.

I'm dealing with a very similar situation helping my nephew with college expenses while living abroad, and I've learned a few important things that might help you navigate this successfully. Since your cousin is reimbursing you through his home country bank, you're absolutely right that this isn't a gift situation - you're acting as a financial intermediary. The key is establishing and maintaining clear documentation from the very beginning. **Practical steps I'd recommend:** - Set up a simple tracking spreadsheet now matching each Zelle transfer to corresponding reimbursements - Send your cousin a brief email outlining the arrangement before you start (creates written evidence of the agreement) - Check your bank's specific Zelle limits - mine are $3,000 daily/$15,000 monthly, so your $25,000 will likely need to be spread over 2-3 months anyway - Consider mixing direct tuition payments with Zelle transfers for living expenses, as direct school payments are completely exempt from any gift tax considerations **International considerations:** Since you're abroad but using US banks, verify if your home country requires reporting large outbound transfers. Some countries flag transfers over certain thresholds regardless of reimbursement arrangements. Also, I found it helpful to give my US bank a heads-up call explaining I'd be making family education transfers. They noted it on my account, which prevented any fraud alerts when the transfers started. The amounts you're describing are very manageable within normal banking operations as long as you maintain good documentation showing the reimbursement pattern. The intermediary nature of your arrangement should keep you clear of any tax complications.

This is exactly the kind of situation where proper planning and documentation make all the difference! Since you're being reimbursed by your cousin, you're acting as a financial intermediary rather than making gifts, which should keep you clear of gift tax issues. A few key points based on similar situations I've navigated: **Bank limits will likely dictate your timeline** - Most banks cap Zelle at $2,000-$5,000 daily and $10,000-$20,000 monthly, so your $25,000 will probably need to be spread over 2-3 months anyway. Check your specific bank's limits first to plan accordingly. **Documentation strategy** - Start a simple tracking system now matching each Zelle transfer with the corresponding reimbursement from your cousin. Include dates, amounts, and purposes. Screenshots of confirmations and even emails with your cousin about the arrangement create a solid paper trail. **International reporting** - Since you're abroad but using US banks, verify any reporting requirements in both countries for these fund movements. Some nations require reporting large outbound transfers regardless of reimbursement arrangements. **Consider mixed approach** - Direct tuition payments to the college are completely exempt from gift tax considerations, so you could handle tuition directly and use Zelle for living expenses and other costs. **Proactive banking communication** - Give your US bank a heads-up about the upcoming education-related transfers. They can note it on your account to prevent fraud alerts. The intermediary nature of your arrangement should keep you out of tax trouble as long as you maintain clear documentation showing the reimbursement pattern!

If you're comfortable doing a bit more work yourself, you could try using the Free Fillable Forms directly from the IRS. It's not as user-friendly as the guided options like TurboTax, but it's completely free and handles all forms including 1099-NEC. You just need to know which forms to fill out and how to do the calculations yourself.

Another option worth considering is TaxSlayer's Simply Free edition - it handles both W-2 and 1099-NEC forms without any upgrade fees for federal filing. I used it last year when I had a similar contractor-to-employee situation and it walked me through everything step by step. The interface is pretty straightforward and they don't hit you with surprise charges at the end like some other services do. State filing does cost extra (around $30) but federal is genuinely free even with 1099 income. Just make sure you're using the "Simply Free" version and not their regular free trial which does have limitations.

This entire discussion has been incredibly valuable! As someone who's been hesitant to rent my property to family because of tax confusion, reading through everyone's real experiences has given me the confidence to move forward properly. The key takeaways I'm gathering are: treat it like a legitimate business relationship regardless of the family connection, document everything professionally (lease agreement, market research, payment records), report the rental income on Schedule E with deductions limited to that amount, and maintain mortgage interest/property tax deductions on Schedule A. I particularly appreciate the practical tips about automatic payments, annual rent reviews, and even collecting security deposits to maintain the professional appearance. The point about how formal documentation actually helps family members build rental history for future applications is something I never considered but makes total sense. One thing that really stands out from this discussion is how important it is to establish clear expectations upfront - whether that's about eventual transitions to market rate, maintenance responsibilities, or lease terms. Having everything in writing prevents misunderstandings later and shows the IRS this is a genuine business arrangement. Thanks to everyone who shared their real-world experiences, especially those who went through IRS inquiries or audits. This community knowledge has been far more practical and actionable than trying to parse through tax publications alone!

This has been such an incredibly thorough and helpful discussion! As someone who's been considering a similar arrangement with my adult daughter, I've learned so much from everyone's real experiences here. What really strikes me is how consistent the advice has been across different situations - treat it as a legitimate business relationship, document everything professionally, report the income on Schedule E with limited deductions, and maintain proper records for potential IRS scrutiny. I'm particularly grateful for the practical tips shared throughout this thread: setting up automatic payments, conducting annual rent reviews with documented market research, maintaining written lease agreements (even with family), and collecting security deposits to reinforce the business nature of the arrangement. The point about how this documentation actually benefits the family member by creating legitimate rental history for future applications is something I hadn't considered but makes this approach even more valuable for everyone involved. For anyone else still navigating this situation, it seems like the consensus is clear: below-market family rentals are completely legitimate and manageable from a tax perspective as long as you treat them professionally and maintain proper documentation. The key is establishing these practices from day one rather than trying to fix informal arrangements later. Thanks to everyone who shared their experiences, especially those who dealt with IRS inquiries and audits. This community knowledge has been invaluable for understanding not just the tax rules, but how to implement them practically in real family situations!

This is such a helpful thread! I'm in a similar boat with multiple income streams and was totally confused about the EIN vs SSN filing process. One thing I wanted to add - when I called my bank to set up a separate business account for my side business, they explained that even with an EIN, I could still choose to use my SSN for tax reporting if I wanted to keep things simple. The EIN is really just for business identification purposes and separating your finances, but doesn't force you into a more complex tax situation. That said, after reading everyone's experiences here, I think I'm going to go the route of getting an EIN for my online jewelry business and keeping my freelance writing income under my SSN. The separate Schedule Cs approach makes a lot of sense for keeping everything organized. Plus, it sounds like it will make tracking business expenses much cleaner, which could save me money come tax time. Thanks to everyone who shared their real experiences - way more helpful than the generic advice I found elsewhere!

This thread has been incredibly helpful! I'm actually in almost the exact same situation as the original poster - currently filing with just my SSN for survey income (~$7,000/year) and considering starting an online craft business. Reading through everyone's experiences, I'm now confident that I can definitely file with both an EIN (for the craft business) and SSN (for surveys). The key insight for me was understanding that both would still end up on my personal tax return as separate Schedule Cs, but the EIN just helps identify and organize the business activity. What really convinced me was hearing from people like Mary and Zara about how much easier bookkeeping becomes with separate bank accounts. I've been dreading tax time because everything gets mixed together in my personal account. Having a clear separation between my different income streams sounds like it would make tracking legitimate business expenses much simpler too. I think I'll start by opening a separate business checking account for the craft sales (even before getting the EIN) and then apply for the EIN once I'm ready to launch. That way I can build good financial habits from the start while keeping my tax situation manageable. Thanks everyone for sharing your real-world experiences - this practical advice is exactly what I needed to move forward with confidence!