REG Mnemonics Exam Questions & Answers 2024/2025
HIM DEAD - ANSWERSNo Penalty Tax:
Homebuyer
Insurance-medical
Medical expense
Disability
Education
And
Death
HIDE IT - ANSWERSNot taxable:
Homeowner exclusion (500,000 MJF)
Involuntary exchange (no gain recog)
Divorce propert...
Home mortgage (home mortgage= $1,000,000; home equity = $100,000)
Investment
Personal (consumer)
Pre-paid
Educational loan ($2,500)
RIPS - ANSWERSTaxes that are itemized: commit"S"
Real estate
Income
Personal property
Sales (sales or income tax)
PANIC TIMME - ANSWERSAMT Adjustment (Individual):
+Passive loss
Accelerated depreciation
NOL
Installment sale income from dealer
Contracts - % vs. complete
+Tax deductions
+Interest deductions on home equity loans - (add back not for home portion)
+Med deductions (10% not 7.5%)
+Misc. deductions (add back 2%)
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