Just wanted to share another perspective on this - I made the same mistake when I first started my business thinking I could deduct gift card purchases immediately. The IRS audited me two years later and made it very clear that gift cards are treated like cash advances, not business expenses until actually used. What saved me was keeping meticulous records of exactly what I purchased with each gift card and when. I had a simple spreadsheet with columns for: gift card purchase date, amount, vendor, actual use date, what was purchased, and business purpose. This made it easy to match up the gift card purchases with the legitimate business expenses when they actually occurred. One tip that helped me - when you do use the gift cards, take photos of both the gift card transaction AND the items you're purchasing. This creates a clear paper trail showing the business purpose of each expense. My accountant said this level of documentation is exactly what you need if the IRS ever has questions about your deductions.

Great advice from everyone here! As someone who went through a similar situation with my first business credit card bonus, I want to emphasize one thing that really helped me: create a dedicated folder (physical or digital) specifically for gift card documentation. When I bought gift cards, I immediately scanned the receipt and noted the date, amount, and intended business use. Then when I actually used each card, I'd scan that receipt too and file it in the same folder with a note linking it back to the original gift card purchase. This made tax prep SO much easier because everything was connected. Also, don't forget that some business credit cards actually code certain gift card purchases differently than others. My Chase Ink card didn't give me points for Visa/Mastercard gift cards, but it did for store-specific ones like Home Depot or Amazon. Just something to keep in mind if you're trying to maximize both the signup bonus and ongoing rewards! One last tip - if you're buying a lot of gift cards at once, consider spreading the purchases across a few days rather than doing it all in one transaction. It looks more natural from a bookkeeping perspective and avoids any potential red flags if you ever get audited.

Has anyone had experience fixing a W-8 BEN that was submitted with incorrect information? I realized after submitting mine that I used my US address instead of my home country address, and now I'm panicking about possible consequences.

Great question! I went through this exact same situation when I was on F1 and later OPT. The key thing to remember is that the W-8 BEN is specifically for establishing your foreign tax status, so you should definitely use your permanent foreign address (India) rather than your current US address. Even though you're physically residing in the US, you're still considered a nonresident alien for tax purposes, and the form is designed to confirm your foreign tax residency. Using your US address could potentially create confusion about your tax status with both your broker and the IRS. If your family has moved in India since you've been here, just use their current address - that's totally fine and very common for students in our situation. The important thing is having a legitimate connection to your home country address. Also, don't forget to check if you're eligible for treaty benefits in Part II of the form! As an Indian citizen, you might qualify for reduced dividend withholding rates under the US-India tax treaty, which could save you money on your investment income.

I'm in the exact same situation! Just saw the offset code on my transcript and panicked. But after reading everyone's responses here, I feel way better knowing the pause is still in effect. Has anyone actually gotten their refund yet even with the offset showing? I filed early and still waiting on mine. Also might check out that taxr.ai thing people are mentioning - sounds like it could give me some peace of mind about what's actually happening with my return.

This is such a relief to read! I've been in the same exact boat - saw that offset code on my transcript and immediately thought my refund was gone. I called the treasury offset number too and got the same info about the pause, but honestly wasn't sure if I could trust it. Reading all these confirmations from you all (especially the tax pro!) makes me feel so much better. Going to save that documentation like someone mentioned just in case. Thanks for posting this question - you probably helped a lot of us who were stressing about the same thing! 🙏

Does anyone know if there's a minimum number of transactions that triggers the 1099-K? I sold like 5 things on eBay last year for about $800 total and I'm wondering if I'll get one.

Great question! I went through something similar when I started selling items from my home office cleanout. The key distinction the IRS makes is between "casual sales" of personal property versus running a business. Since you're selling personal items for less than you originally paid (like most garage sale situations), these are generally not considered taxable income. You're essentially realizing a loss on personal property, which happens to most used items due to depreciation. However, keep detailed records of what you paid originally vs. what you sold items for, especially if any items sold for more than your original cost. Those profit transactions would need to be reported. Also, if you start buying items specifically to resell them, or if your selling activity becomes more regular/business-like, the IRS might view it differently. The $600 1099-K threshold means eBay will likely report your sales to the IRS, but that's just informational - it doesn't change whether the income is actually taxable. I'd recommend keeping good records and maybe consulting with a tax professional if you're unsure about specific items.

I went through this exact same situation last year! Filed electronically in February and transcript showed "return not filed" for almost 2 months. Turns out my return got flagged for identity verification and was sitting in a queue the whole time - no notification whatsoever from the IRS. I only found out when I finally got through on their phone line after multiple attempts. The agent said this happens more often than people think, especially with electronic filings. My advice: if it's been more than 3-4 weeks since filing, don't just wait it out. Either call the IRS directly (be prepared for long hold times) or try one of those transcript analysis tools people are mentioning. The sooner you find out what's actually happening, the sooner you can get it resolved. Hope this helps! 🙏

Ugh, this is so frustrating! I'm literally going through the exact same thing right now - filed in early February, got all my confirmations, but transcript shows "return not filed". Reading through all these comments is actually really helpful though. Sounds like there are so many reasons this could happen (processing delays, verification holds, W-2 discrepancies, etc.) and the IRS just doesn't tell us anything! 😤 I think I'm gonna try that taxr.ai thing everyone's mentioning since multiple people said it actually found their specific issues. Way better than sitting on hold with the IRS for hours. Thanks for posting this - at least we know we're not alone dealing with this mess!