Are You A Legit Tax Pro? Prove it… Step 1 of 9 11% In certain circumstances, which section of the tax code allows many taxpayers to exclude up to $250,000 (or $500,000 for married filers) of capital gain on the sale of their personal residence? 199 151 121 401 For the amount subject to it, what is the “Net investment income tax” flat rate for individuals in 2022? 7.65% 1.45% 3.8% 2.9% Without regard to exceptions, a qualifying child must live with the taxpayer during the tax year for at least one day and night. at least half of the year. the whole year. more than half of the year. Effective for what tax year was the filing status label “Qualifying Widow(er)” changed to “Qualifying Surviving Spouse”? 2020 2021 2022 2023 After the due date, not including extensions, Form 1040 may NOT be amended under which of the following circumstances? to change from MFJ to MFS to change from MFS to MFJ to include income previously omitted to include deductions previously omitted Which Constitutional amendment granted Congress the authority to issue an income tax without having to determine it based on population? 16th 14th 13th 15th Which of the following is NOT a requirement to be a "real estate professional" for tax purposes? More than 750 hours per year must be spent as a real estate professional. The taxpayer must have a real estate license. More than 1/2 of the taxpayer's work hours must be in real estate businesses. Taxpayer must materially participate in each real estate activity that will be non-passive. What are the two types of dependents? qualifying parent & qualifying child qualifying child & qualifying foster child qualifying relative & qualifying parent qualifying foster child & qualifying relative qualifying child & qualifying relative qualifying parent & qualifying foster child Where should we send your quiz results?