eQuizShow

Tax quiz jeopardy

Taxing questions

Question: Is Property tax deductible?
Answer: Yes

Question: Is Excise tax deductible?
Answer: No

Question: Are Foreign taxes deductible?
Answer: No. But you get tax credit for foreign tax payments.

Question: Is State income tax deductible?
Answer: Yes

Question: Is Cigarette tax deductible?
Answer: No

What is income?

Question: Is Social Security income?
Answer: Yes

Question: Is cash paid for raking leaves income?
Answer: Yes

Question: Is SSDI income?
Answer: No

Question: Are royalties income?
Answer: Yes

Question: Are veterans benefits income?
Answer: No

Put it here

Question: Where do you put itemized deductions?
Answer: On Schedule A

Question: Where do your report Self Employment income?


Answer: On Schedule C

Question: Where do you report Rental Income?
Answer: You don't unless you are Military certified. Rentals are out of scope.
Military certified report rentals on Schedule E.



Question: Where do you report Gambling losses.
Answer: Report Gambling losses on Schedule A.



Question: Where do you report Interest income from a seller financed mortgage?
Answer: Report seller financed interest on Line 1a of Schedule B.

You want proof?

Question: Is my mother's handwritten note with my Social Security number is all the proof you need of my number?
Answer: No. Sorry, Mom. Only the real Social Security card will do.

Question: Is my current passport is a valid picture identification?


Answer: Yes.

Question: Is my Costco card is valid identification?
Answer: No.

Question: Is a letter sent to me from the Internal Revenue Service with my Taxpayer Identification number is a valid identification?
Answer: Yes.

Question: Is my Medicare card with only my Part B date is a valid identification?
Answer: No. Only a Part A date is valid.

I'm at a loss

Question: I bought Enron stock in January and sold it at a loss in March. What kind of a loss do I report?




Answer: Short term capital loss.

Question: I lost $500 at Spirit Mountain Casino, but didn't win a dime all year. How do I report my loss for taxes?
Answer: You don't. You can only report losses equal to your total winnings.

Question: I inherited $100,000 of Intel stock on Feb. 17, and sold it the same day. Intel closed that day down 50 cents a share. Where do I report my loss?
Answer: You don't. You had no loss.

Question: I sold my house in Noember for less than my purchase price five years ago. Where do I report my loss?
Answer: You don't. Capital losses from home sales are not reportable.

Question: I lost my W2 and still filed my 1040 in 2013. I just found that W2. Can I file an amended return?
Answer: Yes.