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Flashcards in REG 29 Deck (14):
1

Dependency exemption if they aren't a citizen?

No, unless resident of Canada or Mexico
An adopted foreign child

2

Dependency exemption relative

relative doesn't have to live with you
non-relative does

3

Dependency exemption over half support unless....

child under age 19
under age 24 and a full time student (they can take a standard deduction/personal exemption as well even if they file their own tax return and earn money)

4

Dependency exemption - married dependent.

No if file joint return with spouse.

5

When does the personal exemption start to gets phased out?

258,230 then it takes to about $298,230 to go completely.

So about $300K, or 40 bucks per thousand over

6

Head of Household status is determined by what?

single or separated for at least half of year
child, relative living with you for at least half the year
paid more than half the support of a parent no matter where they live
paid more than half the maintenance costs of the home

7

Earned Income Credit is it refundable?

Yes

8

How do you qualify for the EIC?

Will do later

9

How are covenants not to compete taxed.

income received in advance is recorded as gross income when received

not only that the money received is ordinary income

10

Are non-child support payments under a separation agreement alimony?

Yes

11

If your ex spouse doesn't pay entire amount of alimony and child support during the year what happens.

All goes to child support first (I.e., no income tax due).

12

Are security deposits for last month (of the lease) rent considered income when received?

Yes

13

depreciation half year convention what is it
what doesn't it apply to
not sure when the mid quarter applies

talk half a year no matter when placed in service
doesn't apply to real property

14

what is the convention for depreciation that applies to residential and non residential real property?

Mid month convention