I subscribed because your videos contain the most concise and actionable advice that ive found on these subjects. Keep up the relevant and concentrated information.
A friend of mine would sleep in his van to save money at each travel assignment. This means he wouldn’t pay a dime on housing. I guess what you’re saying is he’s screwed?!😢 He does have a tax home which he travels to ( 3 hours drive), each week after his 3 -days assignment
That's a unique situation. If he rented a KOA RV lot or something and paid a monthly rate to stay/sleep in his van there, it would count as a duplicate expense. Not sure how it'd work otherwise. A travel tax accountant would know though! I have a video with those companies that specifically handle traveler taxes.
Wow! Thank you! This was the most helpful video I’ve seen! Ive been looking for information about travel nursing taxes and you explained and answered all my questions! Please keep making videos!
how about in california? The One-Year Limit Rule Here’s what you must know: there is a one-year limit to staying in one assignment. While you can extend on the same assignment multiple times, there comes a point (365 days) where you must leave not only the assignment, but the location itself. You must then take a ‘significant’ break from this location. This is because, as a travel nurse, you receive non-taxable benefits, such as meals, housing, and transportation. This one-year limit prevents anybody from abusing this benefit by extending their assignment beyond one year, and, in the eyes of the IRS, working a permanent role. Should you go over this one-year period, the assignment state will be considered your tax home, and any benefits will be deemed taxable, thus removing you from travel nurse status.
Thank you so much for the invaluable resources that you had provided. Have a question: if the agency gives me a free housing stipend of $1100 and I only consumed $500, does the other $600 have to be taxed? Any information would be greatly appreciated. Thank you 😊
No, it's all yours to keep :) just make sure you're duplicating your expenses to keep everything legit (i.e. paying rent/mortgage at home and rent at your assignment location). It makes sense to keep your rent well below your stipend so that you pocket the majority of it. Thanks for the support! Let me know if I can help you in the future with anything else.
@@PAWWW-sitive_Vibes_Wassup_Hub no, not necessary. You would just provide your W2s to your accountant as you would with any other job. Depending on who you use for preparing your taxes, they may provide a tax worksheet that will have places to enter various information/data. I'd highly suggest using TravelTax. Of the different companies I've used, they seem to have the best understanding of traveler taxes. Hicks Financial is another good option. Your accountant will let you know exactly what they need though.
@@travelnursecayla Thank you so much, Kayla. Will start my very first contract tomorrow, So I am preparing for next year’s taxes. I will def look into travel tax, as you had advised. Would they be handling just my taxes as a travel Rn or can they consolidate this with my joint taxes with my husband? Thank you for all you do! More power!!💪🏼😎❤️
@@PAWWW-sitive_Vibes_Wassup_Hub I believe they can do taxes for both of y'all, but they definitely specialize in traveler taxes. Congratulations on your first contract! Have a great and fun time!
Hey Cayla! Why do you need receipts for everything when you’re already getting tax free stipends anyways? Why do you have to send those to your tax person every year?
What if I legit own two homes in the same state but 100 miles apart? Could I stay at my second home and count that as duplicating expense? I am in fact paying two mortgages in my name
Hi Stephen. Yes! Consecutive 12 months at each location. If you only stay 13 weeks at a time and leave for the approximate length of another contract and then return to the previous location, you should be good to go! Hope that adds clarification :)
Totally legit. You shouldn't have any issues. The issue is when you stay a consecutive 12 months without a break in your residencey there. After 12 straight months in one location you become a resident of that state, therefore losing your stipend eligibility.
I subscribed because your videos contain the most concise and actionable advice that ive found on these subjects. Keep up the relevant and concentrated information.
Wow, thank you so much! 🙏🏼
that was the best one yet Cayla. I think VERY good information and very clear.
A friend of mine would sleep in his van to save money at each travel assignment. This means he wouldn’t pay a dime on housing. I guess what you’re saying is he’s screwed?!😢
He does have a tax home which he travels to ( 3 hours drive), each week after his 3 -days assignment
That's a unique situation. If he rented a KOA RV lot or something and paid a monthly rate to stay/sleep in his van there, it would count as a duplicate expense. Not sure how it'd work otherwise. A travel tax accountant would know though! I have a video with those companies that specifically handle traveler taxes.
Wow! Thank you! This was the most helpful video I’ve seen! Ive been looking for information about travel nursing taxes and you explained and answered all my questions! Please keep making videos!
Great video
Thank you for the kind words and support of my channel!
how about in california? The One-Year Limit Rule
Here’s what you must know: there is a one-year limit to staying in one assignment. While you can extend on the same assignment multiple times, there comes a point (365 days) where you must leave not only the assignment, but the location itself. You must then take a ‘significant’ break from this location.
This is because, as a travel nurse, you receive non-taxable benefits, such as meals, housing, and transportation. This one-year limit prevents anybody from abusing this benefit by extending their assignment beyond one year, and, in the eyes of the IRS, working a permanent role.
Should you go over this one-year period, the assignment state will be considered your tax home, and any benefits will be deemed taxable, thus removing you from travel nurse status.
The one year recommendation applies to every state, as far as I know, unless something has changed recently that exempts California.
You are awesome! Thank you 😊🙏🏾
Thank you for supporting my channel! ❤️
Fantastic video!!!
This tax home stuff is way more complicated for traveling medical professionals than it should be!
Thank you so much for the invaluable resources that you had provided. Have a question: if the agency gives me a free housing stipend of $1100 and I only consumed $500, does the other $600 have to be taxed? Any information would be greatly appreciated. Thank you 😊
No, it's all yours to keep :) just make sure you're duplicating your expenses to keep everything legit (i.e. paying rent/mortgage at home and rent at your assignment location). It makes sense to keep your rent well below your stipend so that you pocket the majority of it. Thanks for the support! Let me know if I can help you in the future with anything else.
@@travelnursecayla Thank you 😊. Would i still let my accountant know and/or declare how much free stipends I am receiving from the agency?
@@PAWWW-sitive_Vibes_Wassup_Hub no, not necessary. You would just provide your W2s to your accountant as you would with any other job. Depending on who you use for preparing your taxes, they may provide a tax worksheet that will have places to enter various information/data. I'd highly suggest using TravelTax. Of the different companies I've used, they seem to have the best understanding of traveler taxes. Hicks Financial is another good option. Your accountant will let you know exactly what they need though.
@@travelnursecayla Thank you so much, Kayla. Will start my very first contract tomorrow, So I am preparing for next year’s taxes. I will def look into travel tax, as you had advised. Would they be handling just my taxes as a travel Rn or can they consolidate this with my joint taxes with my husband? Thank you for all you do! More power!!💪🏼😎❤️
@@PAWWW-sitive_Vibes_Wassup_Hub I believe they can do taxes for both of y'all, but they definitely specialize in traveler taxes. Congratulations on your first contract! Have a great and fun time!
Hey Cayla! Why do you need receipts for everything when you’re already getting tax free stipends anyways? Why do you have to send those to your tax person every year?
What if I legit own two homes in the same state but 100 miles apart? Could I stay at my second home and count that as duplicating expense? I am in fact paying two mortgages in my name
That's an interesting setup...I would think yes, it counts? But, I'd highly suggest directing that question toward a travel accountant to be certain!
I'm new to travel, after my year if I switch to a local position in the same area or state will I be ok??
Yes, switching to a regular staff position is fine after the year.
If we own a home and we want to rent it out while we’re travel nursing, would our property still count as a duplicate expense?
Yes, as long as you're paying a mortgage
is the 12 month consecutive
Hi Stephen. Yes! Consecutive 12 months at each location. If you only stay 13 weeks at a time and leave for the approximate length of another contract and then return to the previous location, you should be good to go! Hope that adds clarification :)
@@travelnursecayla so if you do a 13 week leave for 30 and then a 6 week and leave for 30 and then come back and do.a.17 week?
Totally legit. You shouldn't have any issues. The issue is when you stay a consecutive 12 months without a break in your residencey there. After 12 straight months in one location you become a resident of that state, therefore losing your stipend eligibility.