Has anyone used a CPA who specializes in rental property? That part of my taxes always confuses me with depreciation and repairs vs improvements.

I'm in a really similar situation - self-employed with rental income and my spouse has a side business too. After years of doing my own taxes and worrying I was missing things, I finally bit the bullet and hired a CPA who specializes in small business and real estate. One thing I'd definitely recommend is asking potential CPAs about their process for year-round planning, not just tax prep. The CPA I work with sends me quarterly reminders about estimated payments and checks in before major financial decisions to discuss tax implications. That proactive approach has been worth its weight in gold. Also, don't be afraid to interview a few different CPAs before choosing. Most will offer a brief consultation to discuss your situation and their services. I talked to three before finding the right fit - someone who explained things clearly and seemed genuinely interested in helping me optimize my tax strategy rather than just filling out forms. The investment has paid for itself through better organization, strategic planning, and peace of mind. Good luck with your search!

I'm still confused about the practical side of tracking all this. I place hundreds of bets throughout the year on different apps. Am I really expected to log every single one manually? That seems insane.

Just want to add a quick tip for anyone dealing with this - make sure you keep records of your deposit and withdrawal amounts too, not just individual bets. The IRS considers your "session" winnings and losses, so if you deposit $500, bet it all on various games, and cash out $800, that $300 difference is what matters for tax purposes in many cases. But you still need the detailed bet-by-bet records to support your calculations. Also, don't forget about any bonuses or free bets you received - those count as income when you use them, even if you didn't deposit your own money. I learned this the hard way when I got audited and had to explain $2,000 in "mystery" winnings that were actually from signup bonuses I'd forgotten about. The key is being consistent in your record-keeping method. Whether you track every single bet or go by session totals, just make sure you can justify your numbers if the IRS comes asking.

Just wanted to add another perspective on the MPF withdrawal taxation. I handled a similar situation for my client who moved from Hong Kong to the US in 2022. One thing that often gets overlooked is that you may need to file Form 8938 (Statement of Specified Foreign Financial Assets) if your MPF account balance exceeded certain thresholds before withdrawal. Even though you've withdrawn the funds, the IRS still wants to know about foreign accounts you held during the tax year. Also, regarding the timing of when you received the funds versus when your employer made their final contribution - the IRS generally uses the "constructive receipt" principle. Since you couldn't access the funds until February 2024, that's likely when it becomes taxable income for US purposes, regardless of when the employer contribution was made. Make sure to keep detailed records of the Hong Kong taxes (if any) withheld from your MPF withdrawal, as this will be crucial for claiming the Foreign Tax Credit. The documentation from your MPF provider should show any withholding taxes that were deducted.

I went through a very similar situation when I moved from Hong Kong to the US in 2022, so I can share some practical insights from my experience. First, you're absolutely right to be concerned about the tax treatment. The IRS will treat your MPF withdrawal as ordinary income since the US doesn't recognize the MPF as a qualified retirement plan. This means it gets taxed at your regular income tax rates, not capital gains rates. One thing I learned the hard way is that you should definitely look into whether Hong Kong withheld any taxes from your MPF withdrawal. Many people don't realize that Hong Kong may have deducted some taxes at source, especially if you had any employer contributions that hadn't fully vested. If they did, you can potentially claim a Foreign Tax Credit on Form 1116 to offset some of your US tax liability. Regarding the Roth IRA question - unfortunately, you can't directly roll over MPF funds into a Roth IRA since the IRS doesn't consider it a qualified foreign pension plan. However, if you have earned income in the US in 2024, you could potentially use some of the withdrawal money to fund a Roth IRA contribution (up to the annual limits), though this would be considered a regular contribution, not a rollover. Make sure to keep all your MPF withdrawal documentation, including any foreign tax forms, as the IRS may want to see proof of the foreign taxes paid if you claim the credit.

Great question! You're absolutely right to be concerned about underwithholding with multiple jobs. I went through something similar last year and learned the hard way that each employer withholds taxes assuming they're your only income source. For your specific situation, I'd definitely recommend: 1. **For your W-2 jobs**: Update your W-4 forms and check the "multiple jobs" box in Step 2. This will increase your withholding rate to account for your higher total income. 2. **For your contract position**: Set aside 25-30% of that income immediately. You'll owe both regular income tax AND self-employment tax (15.3%) on this income since no taxes are being withheld. 3. **Consider quarterly payments**: Since you're earning $1,920/month from your contract work (assuming 20 hours × $24), you'll likely need to make quarterly estimated payments to avoid underpayment penalties. The IRS withholding estimator tool is really helpful for calculating exactly how much extra to withhold or pay quarterly. Also, keep detailed records of all your income and any business expenses related to your contract work - those expenses can reduce your taxable income. Better to overpay slightly and get a small refund than to owe thousands plus penalties!

You're definitely smart to think ahead about this! I was in a very similar situation a couple years ago with multiple W-2 jobs plus freelance work, and I ended up owing about $2,800 at tax time because I didn't plan properly. Here's what I wish I had done from the start: **For your W-2 jobs:** Fill out new W-4 forms with both employers and check the "multiple jobs" box in Step 2. This tells them to withhold at a higher rate. You can also request additional withholding on line 4(c) if needed. **For your contract work:** This is where you need to be most careful. Set aside 30% of every contract payment immediately - don't touch that money! Contract work means you're paying both the employer and employee portions of Social Security and Medicare taxes (15.3% total) PLUS regular income tax. **Track everything:** Keep detailed records of all income and any business expenses related to your contract position. Things like mileage, supplies, home office space, etc. can reduce your taxable contract income. The IRS withholding estimator is your best friend here - plug in your expected income from all three sources and it'll tell you exactly how much you should be setting aside or having withheld. Since you're making good money from multiple sources, you'll likely need to make quarterly estimated payments to avoid underpayment penalties. Better to be safe than sorry!

One thing nobody's mentioned is how this affects your ability to claim the Child Tax Credit if you have kids. If you use the FEIE, you can't claim the refundable portion of the CTC on the excluded income. So if you have children, you might actually be better off with the FTC in some cases. For example, I live in France with 2 kids and about €70,000 in income, plus some US dividends. When I ran the numbers, the additional Child Tax Credit I could claim using FTC outweighed the tax savings from the partial FEIE strategy. Has anyone else with children done detailed calculations on this? Would be interested to see if this holds true across different income levels and number of dependents.

This is such a valuable discussion! I'm a US citizen living in Australia and have been struggling with this exact decision. Reading through everyone's experiences, I'm realizing I need to factor in more variables than I initially thought. @Emily Nguyen-Smith and @James Johnson - your point about the Child Tax Credit is huge. I have one child and was leaning toward the partial FEIE strategy, but now I'm wondering if I should stick with FTC to preserve my ability to claim the full CTC. One question for the group: has anyone dealt with superannuation (retirement contributions) in Australia and how that interacts with these strategies? My employer contributes about AUD $8,000 annually to my super, and I'm not sure how that affects the foreign earned income calculation for FEIE purposes. Also wondering about the interaction with the Additional Child Tax Credit - if I use partial FEIE and keep some earned income for Roth IRA eligibility, does that preserved earned income count toward the ACTC calculation even though the rest is excluded? This thread has been incredibly helpful - it's clear there's no one-size-fits-all answer and the optimal strategy really depends on your specific situation including state taxes, number of dependents, and foreign tax rates.