Individual Taxes
If you have a self rental, is it active or passive?
Active if income, passive otherwise - not allowed to create passive income to offset other passive losses
NO
When you sell a truck at a gain, what kind of income is the depreciation recapture
Ordinary
What form is where you report a summary of passive activities?
Form 8582
What House were both of HP parents in?
Griffindor
If you contribute property valued more than $____ , you mus file the form 8283?
$500
If a S Corp accrued interest expense to it's sole stock holder, when does the corp get to deduct the interest?
When paid to the cash basis taxpayer
Can you revoke a Section 179 election?
Yes on an amended Return
What is a DAF?
Donor Advised Fund
What type of creature works the counter at Gringotts bank?
Goblins
If you child is your tax dependent, but they file their own return, can they claim the AOTC for their college expense
Yes - You can claim the American opportunity credit based on that dependent's expenses. The dependent can't claim the credit.
What Form tracks S Corp Owner basis?
Form 7203
In 2023 what is the amount of bonus depreciation that can be taken?
80%
Can you get a deduction on your 1040 Schedule A for volunteer services you provide to a local non profit?
Nope
What does HP cast to ward off dementors?
Patronus Charm
Which educaiton credit generally gives you the most bang for your buck in the first four years?
AOTC
Where does an S corp have to report the SE Health premiums for a greater than 2% Stockholder?
On the W-2 in box one and the payroll company should include a note as well
What was the 179 limit in 2021?
$1,050,000
Would a political contribution to a super PAC be deductible as a charitable deduction?
Nope
What was the name of the Hufflepuff student who died in the Goblet of Fire?
Cedric Diggory
What is the amount of the home gain exclusion for MJF taxpayers?
$500,000
Is the income from an LLC taxable as SE?
Not necessarily
If an S Corp sells an asset that was fully expensed under 179 and there is a gain - does the company include the gain in taxable income?
No - it is a footnote for the shareholder and they pick up on their 1040
What is another name for a QTP?
529 Plan
What was Lord Voldermorts real name?
Tom Riddle