Basics Intermediate: Reporting Investment Income on Your Federal Tax Returns

Test your knowledge

Choose wisely. There is only one correct answer to each question.

0%
Keep studying!
Review your answers below to learn more.
1.
Interest you earned from bank accounts or other savings institutions is reported to you on IRS Form 1099-INT.
Choose wisely. There is only one correct answer.
True. "INT" refers to interest.
2.
The revised 1040 form now includes how many schedules for recording additional information?
Choose wisely. There is only one correct answer.
3. The 1040 now includes a new set of three schedules on which you will record adjustments, credits, taxes, and other information.
3.
You can receive helpful tax information directly from the IRS by reading IRS publications.
Choose wisely. There is only one correct answer.
True. Various IRS publications provide needed information that helps you fill out your forms and discern what is and is not taxable.
4.
Rental property is a form of supplemental income.
Choose wisely. There is only one correct answer.
True. Rental property is a form of supplemental income.
5.
The amount of taxable gain or loss on an asset is the difference between the amount you sell it for and its basis.
Choose wisely. There is only one correct answer.
True. The amount of taxable gain or loss on an asset is the difference between the amount you sell it for and its basis.