Do you know if property management time counts toward the 750 hours? I spend about 10 hours a week managing our rentals, but I'm not sure if that's enough to qualify.

Yes, property management time absolutely counts toward the 750 hours requirement, so your 10 hours weekly would give you about 520 hours annually. However, that alone wouldn't reach the 750-hour threshold. The bigger issue is that you also need to spend more than half your total working time on real estate activities to qualify as a real estate professional. So if you have a full-time job outside of real estate (say 2,000 hours/year), your 520 hours of property management wouldn't meet the "more than half" test. This is why it's often easier for one spouse to qualify if they're primarily focused on real estate activities.

How do you determine the split between land and building value for depreciation purposes? My county tax assessment breaks it down, but I've heard that's not always the best method.

Thanks for the insider perspective! So would you recommend I just go with my simplified approach for this year since I'm claiming less of a loss than I'm entitled to? Or should I spend the extra money to have everything properly documented transaction by transaction?

If you're claiming less of a loss than you're entitled to, from a practical risk perspective, you're unlikely to face issues. However, from a compliance standpoint, you should report transactions accurately. My recommendation would be to consider using specialized crypto tax software that can handle the volume of transactions correctly rather than manually simplifying. It would give you proper documentation if questions ever arise, and you'd get your full allowable loss. The peace of mind is often worth the investment, especially if you continue crypto trading in future years.

This! It's like getting pulled over by a cop even when you're not speeding. Your heart still races because you start second-guessing everything. "Did I signal that lane change? Is my registration current? Is there a taillight out I don't know about?

This is a good point I hadn't considered! My last US address was in Florida before moving to Germany. I still have my Florida driver's license though it's expired now. Would I still need to worry about state tax issues even though Florida doesn't have state income tax?

You're in a good position having your last residence in Florida since they don't have state income tax. States without income tax (like Florida, Texas, Nevada, etc.) don't generally pursue former residents for tax purposes. The bigger concern is for people from high-tax states like California or New York, where state tax authorities sometimes argue that you never truly "left" if you maintain certain connections. In your case with Florida, as long as you're filing your federal returns properly, you shouldn't have to worry about state tax complications.

This is so true! I got absolutely destroyed on taxes because I had UK investment funds that were classified as PFICs. The forms are ridiculously complicated (Form 8621) and the taxation is punitive compared to US-based investments. I ended up selling all my foreign funds and only investing through US brokerages now.

Thanks for the tip about FreeTaxUSA! Did it handle the scholarship question well? That's my biggest concern - making sure we properly categorize what's taxable vs. non-taxable.

FreeTaxUSA handled the scholarship situation really well. It specifically asks whether scholarship money was used for qualified expenses (tuition, books, required fees) versus non-qualified expenses (room and board, living expenses). It also provided clear explanations about which portions of scholarships are taxable and which aren't, something TurboTax didn't explain as clearly in my experience. The program walks you through it step by step and even has a help section specifically addressing graduate student scholarships and fellowships.

What about tax credits that weren't available before? I heard the income thresholds change when filing jointly and you might qualify for different credits?

I'm using the 65.5 cents per mile rate for 2023, which I think is current. As for the standard vs. actual expenses, I was under the impression that for the first year I use the vehicle for business, I can choose either method, and then in subsequent years I'm locked in if I chose actual expenses first. Is that right?

You've got the current rate correct at 65.5 cents for 2023. And yes, you've got the rule right too - you can choose either method the first year you use the vehicle for business. If you choose standard mileage that first year, you can switch back and forth in future years. But if you choose actual expenses the first year, you're locked into that method for the life of that vehicle in your business. For a new business with lower income but high mileage, the standard mileage rate is often the better choice. It's also much simpler for record-keeping. Just make sure your mileage log is detailed and consistent!

This is great advice. I work in landscaping and we use zone pricing - we charge more for areas farther from our base. We also give "neighbor discounts" if we can service multiple properties in one area. It's been super effective at both bringing in more clients and reducing drive time.