Slightly off topic but does anyone know if section 179 vehicles have to be over 6000 lbs? Im looking at buying a work vehicle but I'm not sure if my SUV qualifies.

I'd strongly recommend consulting with a tax professional before making any moves here. The recapture rules for Section 179 are pretty strict - when you sell that truck, you'll likely owe ordinary income tax on the sale proceeds up to the amount you originally deducted ($98k). One thing to consider is the timing of both transactions. If you're planning to buy another qualifying vehicle this year, you might want to structure the timing so that the recapture income from the sale is partially offset by the new Section 179 deduction. This won't eliminate the tax hit entirely, but it could help manage the cash flow impact. Also keep in mind that there are annual limits on Section 179 deductions ($1,160,000 for 2023), so make sure you have enough "room" left if you've already taken other business deductions this year. The rules can get complex when you're dealing with multiple transactions in the same tax year.

Great question about EPD! You're actually thinking about this correctly - the $65 in distributions you received likely aren't immediately taxable because they're classified as a return of capital that reduces your tax basis in the partnership. Here's what's happening: EPD typically generates significant depreciation and depletion deductions that flow through to partners, which is why your K-1 shows negative income. The distributions exceed your allocated share of taxable income, so the excess reduces your basis rather than creating a current tax liability. The key things to track going forward: 1. Your original purchase price (basis) 2. Each year's distributions (these reduce basis) 3. Any income/loss allocations from the K-1 4. Your adjusted basis = original basis - cumulative distributions + cumulative income allocations You'll need this information when you eventually sell to calculate your capital gain/loss. Also keep in mind that any suspended passive losses from the partnership can typically be used to offset gains when you dispose of your entire interest in EPD. So yes, you're being appropriately optimistic - no immediate tax liability for 2023 from your EPD investment!

As someone who's dealt with EPD and other MLPs for several years, I wanted to add a few practical tips that might help you going forward: First, EPD typically sends out their K-1s quite late in tax season (often March), so plan accordingly if you're eager to file early. Second, consider setting up a simple tracking system now - I use a basic Excel sheet with tabs for each MLP I own, tracking original basis, annual distributions, and K-1 income/losses. One thing that caught me off guard initially was that even though you're not paying tax on the distributions now, you'll want to consider the tax implications when you do eventually sell. Since your basis keeps getting reduced by the distributions, you might end up with a larger capital gain than you initially expect. Also, if you're planning to buy more EPD shares, be aware that additional purchases will have their own basis tracking requirements. Each lot purchased will have its own cost basis that gets reduced by the proportional share of distributions. The good news is that EPD has been pretty consistent with their distribution policy, so the tax treatment should remain fairly predictable year over year. Just keep good records and you'll be fine!

This thread has been incredibly informative! I'm also doing tax loss harvesting for the first time this year and had the exact same confusion about the December 31 deadline. One additional consideration I learned from my research: if you're planning to harvest losses but also want to maintain exposure to the market, you might want to consider using the proceeds to immediately buy a similar (but not substantially identical) investment to avoid missing out on potential gains while staying compliant with wash sale rules. For example, if you're selling an individual stock at a loss, you could use those proceeds to buy a broad market ETF, or if you're selling a large-cap growth fund, you might switch to a total market fund temporarily. Just make sure to wait the full 31 days before buying back the original position if you want to avoid wash sale treatment. Thanks everyone for confirming the December 31 trade date rule - that removes a lot of uncertainty from my year-end planning!

This has been such a valuable discussion! As someone who's been putting off tax loss harvesting because I was confused about the timing, you've all given me the confidence to finally execute my strategy. Just to summarize what I've learned for anyone else who might be reading this: - December 31st is the absolute deadline (trade date, not settlement date) - After-hours trades on 12/31 still count for the current tax year - Watch out for wash sale rules (30 days before/after) - Keep good documentation, especially for last-minute trades - Consider the order of trades (losses first, then gains) - Be mindful of mutual fund distribution dates I'm planning to sell my underperforming positions this week to avoid any last-minute stress, but it's reassuring to know I have until December 31st if needed. The tools mentioned (taxr.ai for analysis and Claimyr for IRS questions) also sound like they could be really helpful resources. Thanks everyone for sharing your experiences and expertise - this community is amazing!

Has anyone here successfully claimed a refund for Social Security taxes that were incorrectly withheld during their first two years on a J1? My university withheld FICA taxes from my first paycheck in 2023 all the way through 2024, and I only recently learned I shouldn't have been paying these taxes during that time. I've heard you can file Form 843 "Claim for Refund and Request for Abatement" along with a statement from your employer, but I'm wondering if anyone has actually gone through this process successfully.

I went through this exact same situation last year! I'm a J1 research scholar from India, and my university started withholding Social Security taxes in January 2024 after I had been exempt for my first two calendar years (2022-2023). What really helped me understand the timing was learning that the IRS counts any part of a calendar year as a full year for the exemption. So even though you only arrived in September 2023, that counts as your first year, 2024 as your second, and now 2025 is when the exemption ends. One thing to double-check is whether India and the US have a totalization agreement that might affect your situation. India doesn't have one with the US, so I definitely had to start paying once my exemption period ended. But since you mentioned you're from Brazil, and I saw in the comments that Brazil does have a totalization agreement, you might want to look into whether you can get a certificate of coverage from Brazilian social security authorities. Also, make sure your university is correctly calculating this. Some payroll departments make mistakes with international employees. I'd recommend getting a written explanation from them about why they're starting the withholding now, just to have it documented.

This thread has been incredibly educational! As someone who's been putting off consolidating my HSAs because I was worried about the process, reading everyone's real experiences has given me the confidence to finally move forward. Just to recap the key points I've gathered for anyone else in a similar situation: 1. **Never use regular bank transfers** - this will be treated as a taxable distribution with penalties 2. **Trustee-to-trustee transfer is the safest option** - no tax reporting required and no limits on frequency 3. **Call both banks directly** for their specific forms - don't rely on online versions 4. **Ask about fees, minimum balances, and timing** when you call 5. **Pause automatic contributions** during the transfer process 6. **Keep the old account open** until you confirm the transfer completed successfully The consensus seems to be that this process takes 7-10 business days and ranges from free to about $25 in fees. Most importantly, when done correctly as a trustee-to-trustee transfer, there's nothing to report on your taxes. Thanks to everyone who shared their experiences - both the successes and the cautionary tales. This is exactly the kind of real-world guidance that makes all the difference when navigating these financial processes!

This thread has been absolutely invaluable! I'm in exactly the same situation as Jade with HSAs at two different banks, and I was literally about to use the online transfer feature before reading all of this. You all just saved me from what could have been a very expensive mistake! I had no idea there was such a critical difference between a regular bank transfer and a trustee-to-trustee transfer. The fact that one method is completely tax-free while the other triggers a 20% penalty plus income tax is mind-blowing. It really shows how important it is to understand the specific rules around tax-advantaged accounts like HSAs. The real-world experiences from Emma, Arnav, and others are so helpful - especially the practical details like fees, timing, and things to watch out for like minimum balances and pausing automatic contributions. These are the kinds of details you just don't get from official bank websites or generic financial advice articles. I'm going to follow the roadmap outlined here: call both banks tomorrow to get the trustee-to-trustee transfer forms, ask specifically about their requirements and timelines, and make sure to pause my payroll deductions until everything is completed. Thanks to everyone who contributed to this discussion - this community is amazing for sharing real experiences and looking out for each other!