Tax Strategies for the High-Income Individual Quiz | Engage

Tax Strategies for the High-Income Individual Quiz

Read each multiple-choice question and select the best answer.

Question 1

What is the Form 1099-K reporting threshold amount for 2025 transactions?

600

5000

2500

Question 2

What disaster relief provision was part of the Federal Disaster Tax Relief Act of 2023?

3-year carryback period for disaster losses

Add casualty loss to standard deduction

Waive 10% AGI limitation on casualty losses

Question 3

When are brokers required to report cost basis on Form 1099-DA for digital assets sales?

Sales in 2026

Sales in 2025

Sales in 2027