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Has anyone here actually moved states for tax reasons? Did it work out the way you expected? i've been thinking about leaving California for years but worried i'll save on income tax but end up paying more for other stuff.
I moved from Minnesota to Florida in 2023 and it was 100% worth it financially. Saved about $14k in state income taxes the first year. But there were unexpected costs - higher home insurance (like 3x higher), slightly higher grocery prices, and had to upgrade my AC system which was an $8k expense. Still came out way ahead though.
I moved from New York to Texas two years ago specifically for tax reasons and it's been mostly positive! Saved around $18k annually on state income taxes, but @Isaac Wright is absolutely right about property taxes - they're brutal here. My property taxes in suburban Dallas are about $12k/year on a $400k home, compared to $8k I was paying in upstate NY on a similar value house. The hidden costs that caught me off guard were vehicle registration (much higher in Texas) and the lack of state tax deductions I was used to claiming in NY. But even factoring in all the additional expenses, I'm still coming out about $10k ahead annually. One thing I'd recommend is actually living in your target state for a few months before making the permanent move if possible. The tax savings look great on paper, but quality of life factors like cost of healthcare, utilities, and general living expenses can vary dramatically and impact your overall financial picture.
This is really valuable real-world data, thanks for sharing! That's interesting about vehicle registration being higher in Texas - I hadn't even thought to research those kinds of fees. The temporary move idea is brilliant too. Did you find any good resources for estimating all these additional costs before you moved, or was it mostly trial and error? I'm particularly worried about healthcare costs since I have some ongoing medical needs that might be more expensive in a different state.
Is anyone else annoyed that the IRS can't give clear guidance on crypto? I tried reading their FAQ and still have questions. Like are airdrops considered income even if I didn't ask for them? And how am i supposed to keep track of the exact value of each coin at the exact time of each transaction??
For someone new to crypto taxes like yourself, here are the key points to remember: 1. **Yes, you need to report your crypto activity.** There's no minimum threshold - even $1 in gains needs to be reported. The IRS asks about crypto transactions right on Form 1040. 2. **What matters is your actual gains/losses, not withdrawal amounts.** If you invested $2700 and withdrew $1250, you need to calculate the difference between what you paid for the crypto you sold versus what you sold it for. 3. **For tax withholding,** I'd recommend setting aside 25-30% of any gains if you're actively trading (short-term rates). If you held for over a year, long-term capital gains rates are much lower (0%, 15%, or 20% depending on income). 4. **Start tracking everything now.** Every crypto-to-crypto trade, every sale, every purchase - it all needs to be documented. Your exchange should have transaction histories you can download. The good news is that if you had losses on some trades, those can offset your gains. But you absolutely need to report everything to stay compliant with the IRS.
This is really helpful, thanks! One follow-up question - you mentioned that losses can offset gains. Does that mean if I lost $300 on one coin but made $200 on another, I'd only owe taxes on the net loss of $100? Or am I misunderstanding how that works? Also, do those losses have to be from the same tax year to offset each other?
Thanks for sharing this! As someone who's been checking WMR obsessively, this is really reassuring. I've had 152 showing for about 10 days now and was starting to worry something was wrong. Good to know it's actually a positive sign that things are moving along normally. The waiting is still nerve-wracking but at least now I know I'm not in some kind of error limbo š
Totally feel you on the obsessive checking! I was doing the same thing every morning and it was driving me crazy. The waiting is definitely the hardest part but at least we know our returns are being processed. Hang in there! š¤
This is super helpful, thank you! I've been seeing 152 for about a week and was starting to panic thinking I messed something up on my return. It's such a relief to know this is actually normal processing and not an error code. The IRS website could definitely do a better job explaining what these codes mean - would save a lot of people unnecessary stress. Appreciate you taking the time to break this down for everyone! š
Absolutely agree about the IRS website! They really should make these codes more user-friendly instead of just giving generic references that send people into panic mode. I had the same experience - saw 152 and immediately thought "oh no, what did I do wrong?" It's crazy how much stress could be avoided with just a simple explanation like "Your return is being processed normally." Thanks to posts like this one for filling in the gaps!
nah just a basic return this year
Totally normal! Federal refunds almost always take longer than state - the IRS processes millions more returns than any individual state tax agency. Your California refund timeline is pretty standard (they're usually one of the faster states), but federal can take anywhere from 21 days to 6-8 weeks depending on how busy they are. Since we're right in peak tax season, I'd give it at least another 2-3 weeks before worrying. The lack of detailed tracking from IRS is frustrating but unfortunately typical - they don't provide nearly as much transparency as state systems do.
Jamal Wilson
My return got stuck in errors this year. Same message as you. No explanation why. It sat there for 18 days. Then suddenly approved. Got my deposit three days later. Total wait time: 39 days from filing. The system is backlogged. Nothing you can do but wait. The transcript will update before WMR does. Check that instead.
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Mateo Sanchez
I'm going through the exact same thing right now - filed 22 days ago and just got the delayed message yesterday. Called the IRS this morning and they told me it's been in the error department for 18 days but "no action needed on my part." It's so frustrating not knowing what's actually wrong or how much longer this will take. Reading everyone's experiences here is actually really reassuring though. It sounds like this is more common than I thought and most people eventually get their refunds without having to do anything. I'm trying to stay patient but it's hard when you're counting on that money. Thanks for sharing your situation - it helps to know I'm not alone in this!
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Jacob Lee
ā¢I'm in almost the exact same boat as you! Filed 20 days ago and got the delayed message at the 21-day mark yesterday. Called this morning and was told it's been in errors for 16 days with "no action needed." The not knowing what's wrong is the worst part. But reading through this thread has been so helpful - it really does seem like this is just how the system works when they're backlogged. Hang in there! @b4ff4b44430f
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