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% 2.9% 3.8% 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”? 2023 2021 2022 2020 After the due date, not including extensions, Form 1040 may NOT be amended under which of the following circumstances? to change from MFS to MFJ to include deductions previously omitted to change from MFJ to MFS to include income previously omitted Which Constitutional amendment granted Congress the authority to issue an income tax without having to determine it based on population? 14th 15th 13th 16th Which of the following is NOT a requirement to be a "real estate professional" for tax purposes? 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. The taxpayer must have a real estate license. More than 750 hours per year must be spent as a real estate professional. What are the two types of dependents? qualifying child & qualifying relative qualifying foster child & qualifying relative qualifying child & qualifying foster child qualifying relative & qualifying parent qualifying parent & qualifying child qualifying parent & qualifying foster child Where should we send your quiz results?