Has anyone run into limits on how much you can send through these services? I tried to send $12,000 through Remitly last year and got flagged for additional verification that took forever.

I've been using Wise for sending money to Italy for the past two years and can definitely recommend it over Remitly for your situation. For a $3,200 transfer, you're looking at around $25-35 in total fees with Wise, compared to what could be $80-120+ with your bank's wire transfer. The key advantage with Wise is transparency - they show you exactly what you'll pay upfront and use the real exchange rate. I've sent similar amounts to family in Naples and Rome, and the money typically arrives within 1-2 business days. Make sure your cousin has their IBAN ready, as Italian banks are pretty strict about having the correct details. One tip: if this is your first large transfer with Wise, they might ask for additional verification (source of funds, etc.), so factor in an extra day or two for that process. But once you're verified, future transfers are much smoother. Definitely beats PayPal's highway robbery rates!

Based on my experience helping clients with inherited investments, you've received some excellent advice here. I'd like to emphasize a few key points that often get overlooked: First, regarding timing - while there's no rush from a tax perspective to sell the inherited mutual funds, be aware that if the funds pay dividends or distributions, those will be taxable income to your wife starting from the date she officially inherits them. This is separate from the stepped-up basis benefit. Second, when working with the mutual fund company or brokerage, ask specifically about their "inherited asset" or "estate transfer" department. These specialized teams are much more experienced with stepped-up basis documentation and can often expedite the process compared to general customer service. Finally, consider whether your wife wants to keep these specific mutual funds long-term. Since she's getting the stepped-up basis, this might be an opportune time to evaluate if these investments align with her overall financial goals. If she wants to switch to different investments, selling immediately after inheritance (while values are still close to the stepped-up basis) could minimize any capital gains. The peace of mind from having proper documentation cannot be overstated - definitely pursue those official valuation letters from the fund companies.

I went through a very similar situation when my mother passed and left me mutual fund investments worth about $35k. The stepped-up basis rule was definitely a huge relief - I was initially worried I'd owe taxes on the full inheritance amount. One thing that really helped me was creating a simple spreadsheet to track everything: the fund names, number of shares, date of death values, and where I stored the documentation. When I eventually sold some shares two years later, having everything organized made the tax reporting much easier. Also, don't feel pressured to make any immediate decisions about selling or keeping the funds. Take time to grieve and handle the estate matters first. The tax advantages of the stepped-up basis don't disappear if you hold onto the investments for months or even years. I kept most of mine for about 18 months before deciding which ones to sell or keep based on my own investment strategy. My condolences to you and your wife during this difficult time. The tax stuff can feel overwhelming when you're already dealing with loss, but you're asking all the right questions.

I just went through this exact process last month and wanted to share some key timing considerations that weren't mentioned yet. When you file your S-Corp revocation letter, make sure to specify that it's effective as of January 1, 2025 (beginning of the tax year) rather than the date you submit the letter. This ensures clean tax reporting for the entire year. Also, don't forget about estimated tax payments. Since you'll be switching from corporate taxation back to pass-through taxation, your quarterly estimated tax obligations will change significantly. We had to recalculate our safe harbor payments and adjust our Q1 2025 estimated taxes to account for the different tax structure. One more thing - if you have any outstanding payroll liabilities or employment tax deposits as an S-Corp, make sure those are fully resolved before making the switch. The IRS can get confused about which entity is responsible for what if there are any loose ends during the transition period.

Welcome to the community! You raise an excellent question about mid-year timing that's really important to address. If you file the revocation letter in 2025 with an effective date of January 1, 2025, you'll need to file amended returns and potentially deal with some administrative complexity. Here's what typically happens: You'd need to file an amended Form 1120S for the partial year (January 1 through the revocation date) and then handle the remainder of the year under your new entity classification. Any payroll taxes and quarterly estimated payments made as an S-Corp would need to be reconciled. A cleaner approach might be to make the revocation effective January 1, 2026 instead, especially if you're already several months into 2025. This avoids the mid-year complications while still giving you the entity change you need. You can prepare and file everything now but have it take effect at the start of the next tax year. The key is working with your tax professional to model both scenarios and see which timing creates less administrative burden and better overall tax outcomes for your specific situation.

Just wanted to chime in - be careful about what's on your EIN letter. Mine also mentioned Form 720, but my accountant explained that the IRS often lists ALL potential forms a business might need, not necessarily what your specific business requires. Form 720 is pretty specialized for excise taxes on specific products/services.

I run a small greenhouse business which has some similarities to landscaping. I've never had to file Form 720 because I don't deal with any of the excise taxable items. If you're just doing regular landscaping you should be fine without it! My advice is to check Schedule C instructions (if you're a single-member LLC) to make sure you're handling your tax situation correctly for your business type.

I'm also an F1 student who went through this exact confusion last year! One thing that really helped me understand the timeline was keeping a tax calendar. Here's what I learned about the Robinhood document timeline: - 1042-S forms typically arrive between mid-March and early April (much later than 1099s for US persons) - Robinhood's transaction history is available year-round, but their annual summary usually gets finalized around the same time as the 1042-S - Don't panic if you don't see your 1042-S yet - international account tax documents are processed separately and always come later One mistake I almost made was trying to file before getting my 1042-S because I saw other students getting their refunds already. The dividend income on that form is crucial - even if it's just a few dollars, you need it for complete reporting. Also, I'd recommend downloading your monthly statements from Robinhood NOW rather than waiting until tax time. I learned this the hard way when trying to reconstruct a full year of trades in March - having monthly records made everything much cleaner. The good news is that once you understand the process, subsequent years become much more manageable. You'll know exactly what documents to expect and when to expect them.

I just wanted to share my experience as someone who went through this exact situation two years ago as an F1 student. The confusion about 1042-S vs 1099 forms is completely normal, and you're asking all the right questions! A few practical tips that would have saved me stress: 1) Set up alerts in your Robinhood account for when tax documents become available - you'll get notified as soon as your 1042-S is ready, usually sometime in late March. 2) Start organizing your records now rather than waiting. Create a simple spreadsheet with columns for: Date, Action (Buy/Sell), Symbol, Shares, Price, Total Amount. This will make tax preparation much smoother. 3) Don't worry about the W8-BEN form - Robinhood likely had you complete this electronically during account setup when you provided your visa information. It's automatic for international accounts. 4) Your tax consultant is right about needing detailed transaction records. The 1042-S will only show dividend income, so you'll need to calculate and report your capital gains separately using your trading history. The most important thing is not to rush. Wait for your 1042-S even if it feels late, and make sure you understand both the dividend reporting (from the 1042-S) and capital gains reporting (from your transaction records) before filing. You're being appropriately cautious, which will serve you well. This gets much easier once you've done it the first time!