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Hello
I am a US resident, self-employed.
I would really appreciate your help with the following questions on F1040 (filing for the first time). I have read the instructions on 1040 but it seems they don't cover all the questions I have
1. Line 21: Other income includes most prizes and awards. Does this cover award tickets (from Delta for instance), welcome bonuses etc? And can I deduct this ticket if I used it on business purpose, but didn't pay anything to get it ?
2. Line 21: Gifts. The instruction say " do not report any nontaxable income on line 21" gifts including. What if I received a gift from a foreign person? Are there any limits on types of gifts which can be received and are nontaxable?
3. Line 6a: does the box need to be checked if I can't be claimed dependent for anyone , but I have 2 dependents (spouse and a child).
4. Line 14 : if you sold or exchanged assets used in business... What if I sold a house in a foreign country (not used in business)? Where should I report this on 1040?
5. Line 10: refunds, offsets etc. Do I have to report here property tax refund received this year for taxes paid in prior year?
Thank you
I am a US resident, self-employed.
I would really appreciate your help with the following questions on F1040 (filing for the first time). I have read the instructions on 1040 but it seems they don't cover all the questions I have
1. Line 21: Other income includes most prizes and awards. Does this cover award tickets (from Delta for instance), welcome bonuses etc? And can I deduct this ticket if I used it on business purpose, but didn't pay anything to get it ?
2. Line 21: Gifts. The instruction say " do not report any nontaxable income on line 21" gifts including. What if I received a gift from a foreign person? Are there any limits on types of gifts which can be received and are nontaxable?
3. Line 6a: does the box need to be checked if I can't be claimed dependent for anyone , but I have 2 dependents (spouse and a child).
4. Line 14 : if you sold or exchanged assets used in business... What if I sold a house in a foreign country (not used in business)? Where should I report this on 1040?
5. Line 10: refunds, offsets etc. Do I have to report here property tax refund received this year for taxes paid in prior year?
Thank you
