Basics Intermediate: Reporting Investment Income on Your Federal Tax Returns

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1.
Rental property is a form of supplemental income.
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True. Rental property is a form of supplemental income.
2.
The revised 1040 form now includes how many schedules for recording additional information?
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3. The 1040 now includes a new set of three schedules on which you will record adjustments, credits, taxes, and other information.
3.
The amount of money you make on an investment over your basis when the investment is sold is called _______.
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Capital gains. This amount is called capital gains.
4.
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.
5.
IRS Publication 590 covers _______.
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Individual retirement accounts. Publication 590 is your guide for IRA tax issues. It is divided into two versions -- 590a and 590b.