Self-employment
The form used to report costs for a home office
What is 8829? (also accept: Expenses for Business Use of Your Home)
Pub 587
To figure your estimated tax, you must figure your expected AGI, taxable income, taxes, deductions, and this other item for the year.
What are credits?
Pub 505
Almost everything you own and use for personal purposes, pleasure, or investment is considered this two-word term.
What is a capital asset?
Pub 544
When the FTHBC was claimed in this tax year, it required the taxpayer to repay the credit over the next 15 years beginning in 2010.
What is 2008?
Form 5405 instructions
To qualify for the maximum exclusion of gain when you sell your main home, you must own the home at least this number of months out of the last five years.
What is 24?
Pub 523
The costs of getting started in business, before you actually begin business operations. These costs may include expenses for advertising, travel, or wages for training employees.
What are capital expenses? (amortization or start-up costs are acceptable)
Pub 535
You had no tax liability for the prior year. You were a U.S. citizen or resident alien for the whole year. Your previous tax year covered a 12-month period.
Who does not have to pay estimated tax?
Pub 505
Report most sales and other capital transactions and calculate capital gain or loss on form ________, then summarize capital gains and deductible capital losses on Schedule D.
What is Form 8949? (Sales and Other Dispositions of Capital Assets)
Pub 550
The taxpayer must generally file form 5405 with this other tax form if they need to report a disposition of the home for a previous tax year - assuming they already filed that return.
What is form 1040X? (amended return)
IRM 21.6.4.4.17.4
To figure the gain or loss on the sale of your main home, you must know the selling price, the amount realized, and ______, which may include the purchase price.
What is adjusted basis?
Pub 523
The phrase used to describe when you loan money to a client, supplier, employee, or distributor for a business reason, and you’re unable to collect the loan after attempting to do so.
What is business bad debt? (Bad debt is acceptable)
Pub 535
If at least two-thirds of your gross income is from one of these activities, substitute 66 2/3% for 90% under the General Rule.
What is farming or fishing?
Pub 505
This can be distributions of money, stock, or other property paid to you by a corporation or by a mutual fund. The most common types are ordinary, qualified, and capital gain distributions.
What are dividends?
Pub 550
The maximum refundable tax credit allowed by the American Recovery and Reinvestment Tax Act of 2009, enacted on February 17, 2009, for the purchase of a new residence.
What is $8,000?
IRM 21.6.3.4.2.10
Your home sale isn’t eligible for the exclusion if you are subject to expatriate tax, or if you acquired the property through this type of transaction during the past 5 years.
What is a like-kind exchange?
Pub 523
The two methods available to a taxpayer to figure deductible expenses if they use their car for business purposes.
What are Standard Mileage Rate and Actual Expenses?
Pub 463
If your income varied during the year because, for example, you operated your business on a seasonal basis or had a large capital gain late in the year, you may be able to lower or eliminate the amount of one or more estimated tax payment by using _____.
What is Schedule AI? (also annualized income installment method)
Form 2210 Instructions
Stocks, stock rights, and bonds that completely lost their value during the tax year and are treated as though they were sold on the last day of the tax year.
What are worthless securities?
Pub 550
This Item Reference Number adjusts the primary total recapture amount field in the entity.
What is 876?
IRM 21.6.4.4.17.4
Any costs of repairs or maintenance that are necessary to keep your home in good condition but don’t add to its value or prolong its life. Examples include painting (interior or exterior), fixing leaks, filling holes or cracks, or replacing broken hardware.
What are improvements you can't include in your basis?
Pub 523
Using ______ on Schedule SE may qualify you to claim the EIC, ACTC, or child and dependent care credit or give you a larger credit if your net earnings from self-employment are less than $5,880.
What are optional methods? (also accept Non-farm optional method or Farm optional method)
Schedule SE instructions
If you have an underpayment, all or part of the penalty will be waived using form 2210 if the IRS determines that you retired after reaching age 62, became disabled, or ____________.
What is casualty, disaster, or other unusual circumstance? (only one needed to be right)
Form 2210 instructions
This occurs when you sell or trade stock or securities at a loss and within 30 days before or after the sale you buy or acquire substantially identical stock or securities.
What is a wash sale?
Pub 550
Condemnation, transfer to spouse or ex-spouse, and person who claimed the credit dies, generally.
What are exceptions (to the repayment rule)?
Form 5405
To figure the basis of property you receive as a gift, you must know its adjusted basis to the donor just before it was given to you, the fair market value at the time it was given to you, and _______.
What is any gift tax paid on it?
Pub 523