IRS Form 1098 "Mortgage Interest Statement" Explained
IRS Form 1098, also known as the "Mortgage Interest Statement," is a tax form used to report the amount of mortgage interest a taxpayer pays during the tax year. This form is used to claim a tax…
IRS Form 1065 "U.S. Return of Partnership Income" Explained
IRS Form 1065 is a tax return form used by partnerships in the United States to report their income, gains, losses, deductions, and credits to the Internal Revenue Service (IRS). It is also known as…
IRS Form 1098-T "Tuition Statement" Explained
IRS Form 1098-T, or the Tuition Statement, is a tax form used to report tuition and other related expenses to the Internal Revenue Service (IRS) and the student or taxpayer. This form is used to…
IRS Form 1120 "U.S. Corporation Income Tax Return" Explained
IRS Form 1120, also known as the U.S. Corporation Income Tax Return, is a tax form domestic corporations use to report their annual income, gains, losses, deductions, and credits to the Internal…
IRS Schedule B "Interest and Ordinary Dividends" Explained
IRS Schedule B is a form used to report interest and ordinary dividends received by a taxpayer during the tax year. Individuals, estates, and trusts typically use this form. Interest income is…
IRS Schedule F "Profit or Loss From Farming" Explained
IRS Schedule F, also known as Form 1040, is a tax form used to report profit or loss from farming. This includes income from raising livestock, growing crops, and other farming operations. The…
Internal Revenue Code (IRC) Section 121 "The Home Sale Gain Exclusion" Explained
When a person sells their principal residence, specific tax implications must be considered. Under Internal Revenue Code (IRC) Section 121, a taxpayer may exclude up to $250,000 ($500,000 for married…
IRS Form 1065 Schedule K-1 Explained
IRS Schedule K-1 is a tax form used to report a person's share of income, deductions, credits, and other items from a partnership, S corporation, trust, or estate. This form is used to report the…
IRS Schedule C "Report Profit of Loss" Explained
IRS Schedule C, or Form 1040, is a tax form self-employed individuals use to report their business income and expenses. It is used to calculate a person's net profit or loss from their business…
IRS Schedule A "Itemized Deductions" Explained
IRS Schedule A is a form that taxpayers can use to itemize their deductions if they choose not to take the standard deduction. The standard deduction is a fixed dollar amount that reduces the income…