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H&R Block Specialist Test ||Verified Exam!!|| Most
Recent Exam Actual Complete Real Exam Questions
And Correct Answers (Verified Answers) Already
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Kimberly originally files her 2017 return on February 19,
2018. Under ordinary circumstances, what is the last day
she can file an amended 2017 return? - Answer-A. April
15, 2021
B. February 19, 2021
C. April 15, 2020
D. April 17, 2018
Answer: A
All of the following issues may be corrected or changed by
filing Form 1040X, Amended U.S. Individual Income Tax
Return, EXCEPT: - Answer-A. The amount of deductible
medical expenses was reported incorrectly on the original
return
B. An error that was made on a trust return needs to be
corrected
C. Wages for a 2nd job were not initially reported
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D. A taxpayer who filed as a non-resident qualified for U.S.
resident status
Answer: B
Michelle converted her personal residence to rental
property in 2018. She purchased the property in 2014 for
$110,000 of which $10,000 was allocable to the land.
Unfortunately, property values in her neighborhood have
declined over the past few yrs. On the date of conversion,
the FMV of the property was $98,000; $10,000 was
allocated to the land. Michelle's basis for depreciation in
the property is: - Answer-A. $88,000
B. $98,000
C. $100,000
D. $110,000
Answer: A
Greg purchased a new machine for use in his business.
He incurred the following costs with the purchase; $2,000
cash paid, $10,000 financed, a $500 delivery charge, and
a $200 installation charge. Greg's basis on the machine is
_____________. - Answer-A. $2,000
B. $2,700
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C. $12,000
D. $12,700
Answer: D
All of the following decrease basis; EXCEPT: - Answer-A.
Casualty restoration beyond bringing the property to pre-
casualty condition
B. Insurance payments for a casualty loss
C. Depreciation
D. Cancelled debt
Answer: A
Wyatt, who is employed full-time as a software engineer,
sometimes uses his time and talent to assist worthy
causes. In 2018, he helped a local non-profit organization
create a new website. Although his primary object was to
help the organization, the directors insisted on
compensating him. He received a Form 1099-MISC from
the organization reporting non-employee compensation of
$2,800 in box 7. How should Wyatt report this on his tax
return? - Answer-A. As other income on SCH 1 (Form
1040), line 21. He should deduct any applicable expenses
on SCH A
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B. He should report income, less applicable expenses, as
other income on SCH 1 (Form 1040), line 21
C. He should report this as self-employment income and
deduct any eligible expenses on SCH C or SCH C-EZ
D. Wyatt does not need to report this income since he
performed the work for a non-profit organization
Answer:C
What is the max amount of lifetime learning credit that can
be claimed on a tax return? - Answer-A. $2,000 in total for
the return
B. $2,000 per eligible student claimed on the return
C. $10,000 in total for the return
D. $10,000 per eligible student claimed on the return
Answer: A
Which statement about education credits is FALSE? -
Answer-A. A student may qualify for the lifetime learning
credit if they have a felony drug conviction
B. Only 4-yr. colleges are eligible institutions for the
American Opportunity Credit
H&R Block Specialist Test ||Verified Exam!!|| Most
Recent Exam Actual Complete Real Exam Questions
And Correct Answers (Verified Answers) Already
Graded A+ | Guaranteed Success!! | Newest Exam!!!
Kimberly originally files her 2017 return on February 19,
2018. Under ordinary circumstances, what is the last day
she can file an amended 2017 return? - Answer-A. April
15, 2021
B. February 19, 2021
C. April 15, 2020
D. April 17, 2018
Answer: A
All of the following issues may be corrected or changed by
filing Form 1040X, Amended U.S. Individual Income Tax
Return, EXCEPT: - Answer-A. The amount of deductible
medical expenses was reported incorrectly on the original
return
B. An error that was made on a trust return needs to be
corrected
C. Wages for a 2nd job were not initially reported
,2|Page
D. A taxpayer who filed as a non-resident qualified for U.S.
resident status
Answer: B
Michelle converted her personal residence to rental
property in 2018. She purchased the property in 2014 for
$110,000 of which $10,000 was allocable to the land.
Unfortunately, property values in her neighborhood have
declined over the past few yrs. On the date of conversion,
the FMV of the property was $98,000; $10,000 was
allocated to the land. Michelle's basis for depreciation in
the property is: - Answer-A. $88,000
B. $98,000
C. $100,000
D. $110,000
Answer: A
Greg purchased a new machine for use in his business.
He incurred the following costs with the purchase; $2,000
cash paid, $10,000 financed, a $500 delivery charge, and
a $200 installation charge. Greg's basis on the machine is
_____________. - Answer-A. $2,000
B. $2,700
,3|Page
C. $12,000
D. $12,700
Answer: D
All of the following decrease basis; EXCEPT: - Answer-A.
Casualty restoration beyond bringing the property to pre-
casualty condition
B. Insurance payments for a casualty loss
C. Depreciation
D. Cancelled debt
Answer: A
Wyatt, who is employed full-time as a software engineer,
sometimes uses his time and talent to assist worthy
causes. In 2018, he helped a local non-profit organization
create a new website. Although his primary object was to
help the organization, the directors insisted on
compensating him. He received a Form 1099-MISC from
the organization reporting non-employee compensation of
$2,800 in box 7. How should Wyatt report this on his tax
return? - Answer-A. As other income on SCH 1 (Form
1040), line 21. He should deduct any applicable expenses
on SCH A
, 4|Page
B. He should report income, less applicable expenses, as
other income on SCH 1 (Form 1040), line 21
C. He should report this as self-employment income and
deduct any eligible expenses on SCH C or SCH C-EZ
D. Wyatt does not need to report this income since he
performed the work for a non-profit organization
Answer:C
What is the max amount of lifetime learning credit that can
be claimed on a tax return? - Answer-A. $2,000 in total for
the return
B. $2,000 per eligible student claimed on the return
C. $10,000 in total for the return
D. $10,000 per eligible student claimed on the return
Answer: A
Which statement about education credits is FALSE? -
Answer-A. A student may qualify for the lifetime learning
credit if they have a felony drug conviction
B. Only 4-yr. colleges are eligible institutions for the
American Opportunity Credit
