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.
If you traded stocks last year, you will receive IRS information return _______ to report them.
Choose wisely. There is only one correct answer.
1099-B. Form 1099-B is the form used for stock transactions.
2.
IRS Publication 590 covers _______.
Choose wisely. There is only one correct answer.
Individual retirement accounts. Publication 590 is your guide for IRA tax issues. It is divided into two versions -- 590a and 590b.
3.
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.
4.
If your investment company reports undistributed capital gains, you will receive IRS form 4952.
Choose wisely. There is only one correct answer.
False. If your investment company reports undistributed capital gains, you will receive form 2439.
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.