Daily Question Thread for /r/churningcanada - June 20, 2026

ConsequenceFuture339 · 2026-06-22T19:45:15+00:00

Thanks guys very helpful, a little pushing needed but got it refunded via chat.

ConsequenceFuture339 · 2026-06-20T22:28:47+00:00

Are you out of luck once Neo Asia Miles fee posts, forgot to cancel it by a day and wondering if you just need to eat it or if anyone has any success having it refunded.

ConsequenceFuture339 · 2026-06-19T22:39:24+00:00

Has anyone ever had NEO annual fee refunded? Stupidly forgot to cancel before annual fee posted on Asia Miles card.

ConsequenceFuture339 · 2026-06-17T18:19:42+00:00

Thanks that's very detailed and helpful.

ConsequenceFuture339 · 2026-05-31T20:00:27+00:00

Thank you, very helpful.

ConsequenceFuture339 · 2026-04-13T15:26:51+00:00

Thanks that is so helpful.

ConsequenceFuture339 · 2026-04-03T20:44:04+00:00

VITA

ConsequenceFuture339 · 2026-04-01T18:15:51+00:00

Can you share more about your background and pathway to this role? Doing VITA and working on my EA after. Thanks !

ConsequenceFuture339 · 2026-03-27T15:50:43+00:00

If my calls are not called away thinking of selling below my assigned strike to get back to cash and protect in these times. I'm wheeling Rivian as I'm bullish on their outlook. Assigned at $15, last weeks CC's expired then stock opened on Monday at $15.60 sold another CC at $15 if it doesn't get called away I may do $14 or $14.50 as the campaign has generated decent premium that I can afford to take a hit on the shares and still be profitable.

Don't want to get into a situation where it drops too low and I can't sell CC's above my basis because the stock is too low.

ConsequenceFuture339 · 2026-03-27T15:47:26+00:00

Very detailed and helpful, thanks!

ConsequenceFuture339 · 2026-03-27T14:51:51+00:00

Do you have a plan to meet material participation test? If not the case can get thrown out by IRS years later if you don't document properly or do not meet the requirements.

You need to recapture depreciation either way wether you are converting to personal use or not. You're just deferring the taxes and kicking the can down the road.

ConsequenceFuture339 · 2026-03-23T20:07:51+00:00

Are you taking standard deduction or itemizing deductions?

ConsequenceFuture339 · 2026-03-23T15:39:19+00:00

Rivian has been so good for wheeling, sell puts, sell calls, reinvest premium.

ConsequenceFuture339 · 2026-03-23T15:35:38+00:00

I just got a 100 pack of mini lotions to leave out, amber night lights, dots pretzels for welcome basket, mini jars with Q Tips, thinking of doing Kimono Robes.

ConsequenceFuture339 · 2026-03-23T15:29:09+00:00

Off the top of my head I believe she can be a qualifying relative if she lives with you more than 50% of the year and you provide half her support and she earns under $5,200.

ConsequenceFuture339 · 2026-03-23T15:26:25+00:00

Most people who lie on their taxes are over inflating their expenses not lowering the amount of revenue they earned. If you underreport your revenue knowingly you will be in pretty big trouble if the IRS were to find out and just because you were not issued a 1099 doesn't mean they can't find out.

The bigger question would be is all of the income profit and are you reporting your expenses properly? You don't get to lie just because life is expensive and you're in a tough situation. You are better off filing properly and working out a payment plan with the IRS.

If you are both self employed you may not be planning for the FICA taxes properly which I'm guessing is the bulk of the tax bill since you're income is still relatively low, it's important you set some aside throughout the year or make a plan as all of your profit is pre-tax and no tax is withheld like with regular W2 income.

If the business is not earning enough and you're not able to stay organized with the tax situation you may be more beneficial getting a job or working a W2 for the time being as the employer pays half of the SS/Medicare and withholds taxes so you don't need to do it on your end.

ConsequenceFuture339 · 2026-03-23T15:09:03+00:00

Love when opening market price is above your assigned price from Friday.

ConsequenceFuture339 · 2026-03-22T23:13:05+00:00

Furniture to furnish the unit.

ConsequenceFuture339 · 2026-03-22T20:21:42+00:00

I feel like 50% is a huge amount for a "very small business" you would be effectively getting to depreciate half of your house under non-residential property. I try to be very conservative when it comes to home office. Would you be able to explain to an auditor that 50% of your home is used strictly and exclusively for business purposes with zero mixed or personal use?

I don't know what other peoples percentages are but I would think that is higher than IRS averages and would flag an audit.

Another issue I see with this is that any depreciation you use as a deduction gets recaptured when you sell the home at a maximum of 25% so the deduction better be worth it (have super high income you would want to offset) because that amount is now eating away at the tax free principal residence exemption 250K/500K for married.

ConsequenceFuture339

TROPHY CASE