Basics Intermediate: Reporting Investment Income on Your Federal Tax Returns

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1.
Interest you earned from bank accounts or other savings institutions is reported to you on IRS Form 1099-INT.
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True. "INT" refers to interest.
2.
Rental property is a form of supplemental income.
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True. Rental property is a form of supplemental income.
3.
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.
4.
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.
5.
You can receive helpful tax information directly from the IRS by reading IRS publications.
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True. Various IRS publications provide needed information that helps you fill out your forms and discern what is and is not taxable.