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Planning Intermediate: Reporting Investment Income on Your Federal Tax Returns

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1.
The amount of taxable gain or loss on an asset is the difference between the amount you sell it for and its basis.
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True. The amount of taxable gain or loss on an asset is the difference between the amount you sell it for and its basis.
2.
The basic tax form for filing individual income taxes is the 1040.
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True. The basic tax form for filing individual income taxes is the 1040.
3.
To itemize your tax deductions, use ______.
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Schedule A. This schedule is used for the separate listing of deductions.
4.
To determine which of your investment income is taxable, you would consult _______.
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Publication 550. Publication 550 describes income that is and is not subject to taxation.
5.
If you traded stocks last year, you will receive IRS information return _______ to report them.
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1099-B. Form 1099-B is the form used for stock transactions.