What is property used in business or held for the production of income that has a limited and determinable life that is longer than one year?
100
A trade or business in which the taxpayer does not actively participate, or rental real estate activities.
What is a passive activity?
100
Four items deductible subject to a 2% floor.
What are work tools, clothing, union dues, safety deposit boxes, business use of home, unreimbursed employee expenses, prior year tax prep fees, .....
100
The three schedules/forms Net Self Employment income appears on.
What is Sch C., Sch F, Sch SE, and 1040?
100
$1000
What is the maximum Child Tax Credit?
200
The difference between repairs and improvements.
What is repairs are maintenance required to keep an asset working, improvements add value and lengthen the life of the property.
200
The three subcategories of NONPASSIVE income.
What are portfolio, personal service, and other nonpassive income?
200
Income taxes deducted minus General Sales tax allowed and Itemized deductions used minus Standard deduction allowed,
What are the calculations used to determine if a state refund is all, none or partially taxable?
200
It's the calculation for Cost of Goods Sold.
What is Beginning Inventory plus Purchases minus items used for personal use, (plus amounts attributable to production, manufacture) minus Ending Inventory?
200
It requires that you have not been convicted of a felony drug offense.
What is the American Opportunity Credit?
300
CLADR table
What is the table used to determine the recovery period of an asset?
300
5 amounts included in gross income on Sch E
What are current, advance, late rent received during the year
Lease cancellation payments
Nonrefundable security deposits received during the year
Value of services provided by the renter in exchange for reduced rent.
300
The number of properties for which a taxpayer is allowed to deduct real estate tax paid.
What is as many as he owns?
300
The two requirements to deduct a home office (not the calculation)
What are regular/exclusive use and employer convenience?
300
Four places on the tax return you can get an education benefit in a year you or a dependent attend college?
What is Tuition and Fees deduction
Unreimbursed Employee Expenses Sch A
AOC Credit
Lifetime Learning Credit?
400
This type of property is required to be depreciated using the mid-month convention.
What is real property - residential and non-residential?
400
The MACRS recovery period for residential rental property.
What is 27.5 years?
400
The limit on acquisition debt for which mortgage interest paid may be fully deducted.
What is $1,000,000? $500,000 MFS.
400
Tips under $20 per month from a single employer.
What is not subject to SS and Medicare tax but is subject to federal income tax?
400
Three types of income considered earned income for purposes of calculating the EIC.
What are wages, SE income, nontaxable combat pay, clergy.
500
Two items that do not qualify for Section 179 deduction.
What are rental furnishings, A/C units, listed property used less than 50% for business, property held for investment, property acquired from a related party?
500
This rental income is exempt from tax.
A personal/vacation residences rented for fewer than 15 days during the year?
500
Two charitable contributions NOT deductible as Sch A charitable contributions.
What are Raffle tickets, donations to a worthy individual, value of time, .....
500
The four requirements for EIC due diligence.
What are complete the eligibility checklist
compute the credit
Keep records
complete the Knowledge requirement