If you're being claimed as a dependent (like if your parents claim you), the rules are different! Dependents have to file if they have unearned income (which stock gains are) over $1,250. Something to consider if your parents are claiming you.

Hey Liam! I was in a really similar situation last year - grad student with minimal trading gains (mine was around $85). After doing a lot of research and even calling the IRS (eventually), here's what I learned: Since you're under the standard deduction threshold ($14,350 for single filers in 2025), you're technically not required to file a federal return. However, your broker will still send a 1099-B to both you and the IRS showing your trading activity. The key thing is - even though you don't have to file, it might actually be worth filing anyway for a couple reasons: 1. It creates a paper trail showing you properly reported everything (peace of mind) 2. If the IRS ever questions the 1099-B they received, you'll have documentation 3. It's good practice for when your trading gets more complex For just $67 in gains, your actual tax liability would be maybe $7-15 depending on your situation, so it's not about the money - it's about being thorough. Plus, if you use free filing software, it's really not that much extra work. One last thing - definitely check if you're claimed as a dependent somewhere else, because that changes the rules significantly!

wat tax software did u use? heard some are having delays with certain companies

Hey! I went through the exact same thing last week and was totally panicking. My 2024 Account Transcript was completely blank for like 10 days while my Return Transcript showed everything perfectly. Finally got my first update yesterday with processing codes! The blank Account Transcript just means they haven't started actually working on your return yet - it's not broken or anything. Once they begin processing, you'll see all the codes start appearing including the 846 you're waiting for. The Return Transcript being visible is actually a good sign that everything was received properly. I know the waiting is brutal but it sounds like you're in the normal flow. Keep checking Wednesdays and Fridays since those are the main update days. You should see movement soon! 🤞

Since you're renting half of a duplex where you live in the other half, you should look into whether this qualifies as a "dwelling unit used as a home" under IRS rules. This classification affects how expenses are allocated and deducted. When you use a dwelling unit for both personal and rental purposes, expenses have to be allocated based on time or space. For a duplex where half is your residence and half is Airbnb, you'd usually allocate based on square footage. So mortgage interest, property taxes, utilities, internet, etc. would be split accordingly. Also, if you're actively managing the property (screening guests, handling turnovers, etc.), this could potentially be considered "material participation" which has different tax implications than passive rental income.

One thing to consider that hasn't been mentioned yet - since you're doing short-term rentals (Airbnb), you'll likely need to deal with local occupancy taxes and business licensing requirements that vary significantly by city and county. Many jurisdictions require separate business licenses for short-term rentals, and some have caps on the number of days you can rent or require special permits. For the LLC timing question, I'd actually recommend getting it set up ASAP, not just for liability protection but because many local licensing authorities want to see a registered business entity when you apply for STR permits. Having your LLC established first makes the licensing process smoother. Also, don't forget about sales tax implications - in many states, short-term rentals under 30 days are subject to sales tax collection and remittance, which is different from traditional long-term rental properties. The LLC can help keep these tax obligations separate from your personal finances and make compliance easier to track.

A word of caution - I tried something similar and got audited. Make sure ANY property transfer to an LLC is done at fair market value with proper documentation. The IRS scrutinizes these transactions heavily because they're often used just for tax purposes. Also, putting properties in an irrevocable trust has MAJOR implications. You basically give up ownership and control. Don't do this without consulting an estate planning attorney who specializes in this area! The tax implications alone are complex.

Be very careful about the mortgage implications of transferring to an LLC. Most residential mortgages have a "due on sale" clause that can be triggered by transferring the property to an LLC, even if you own the LLC. This could force you to pay off the entire mortgage immediately or refinance at potentially higher commercial rates. I'd strongly recommend getting written approval from your lender before making any transfers. Some lenders will work with you, but many won't allow it without refinancing as a commercial loan, which typically has higher rates and different terms. Also, don't overlook the potential impact on your homeowners insurance. Many policies don't cover properties owned by LLCs, so you might need to switch to a landlord policy, which is usually more expensive. The tax strategy might work, but make sure you can actually execute it practically with your current mortgage and insurance situation first.

I'm confused about why gross income matters more than AGI for your analysis? Wouldn't AGI be more meaningful since it reflects income after certain necessary adjustments?

Have you considered looking at the IRS's Individual Income Tax Returns Complete Report (Publication 1304) tables in conjunction with their Form 1040 line item statistics? While the main tables focus on AGI, some of the supplementary tables break down specific income components before adjustments. The IRS also publishes detailed line-by-line statistics that show the distribution of various income types (wages, business income, capital gains, etc.) and deductions by income bracket. By combining these with the total income figures, you might be able to reconstruct gross income distributions. Another resource is the Treasury's Office of Tax Analysis - they sometimes publish studies using broader income measures than standard IRS publications. Their distributional analyses occasionally include pre-adjustment income figures that could be what you're looking for.