2007-11-15 14:59:41 · 7 answers · asked by Anonymous in Business & Finance ➔ Taxes ➔ United States
Normally no. On the individual tax return most of the tax payer only report their wages/salary income.
It you itemize deductions, then you may disclose a few assets. For example, to get mortgage interest deduction, you tell IRS about your home.
If you claim depreciation deduction, then you list the property. For example, when you rent a portion of your home.
To report profit/loss from investment activity (for example stock sales) you do provide some information. To report bank interest income, you do write the name of the bank. You don't give your account number in both these cases.
But everywhere you give your social security number. So it will not be difficult for IRS to trace your assets.
2007-11-15 19:43:29 · answer #1 · answered by MukatA 6 · 0⤊ 0⤋
Not really. You show your income, and any expenses that are deductible. But if for example you have interest from bank accounts, you list the interest as income, but if the total is over $1500 or a couple of other situations exist, you fill out a schedule B showing the specific institutions that the interest came from.
2007-11-16 20:05:00 · answer #2 · answered by Judy 7 · 0⤊ 0⤋
No. You are not listing your assets. You are listing your expenses and income. Assets are listed on Balance Sheets.
Hope this helps.
2007-11-15 23:01:59 · answer #3 · answered by E.T. Barton 5 · 0⤊ 0⤋
It depends in what reference you are questioning.
For expense deductions, etc. you will have to complete worksheets that may require you to value property.
Your question is far to vague to receive any meaningful answer.
Consider rephrasing your question to explain what you are seeking to do.
That way, a more meaningful answer can be given.
P.S. I am a tax attorney and was a tax judge, so be wary of the advice you receive to your current question as you have stated it. There is more you need to ask.
2007-11-15 23:08:25 · answer #4 · answered by Adam Gaha 2 · 0⤊ 0⤋
No. You just list your income and expenses. If you have a balance due and wish to negotiate payments, then you would need to disclose this information otherwise is is not relevant.
2007-11-16 00:16:44 · answer #5 · answered by Anonymous · 0⤊ 0⤋
only if that asset produces income.
2007-11-15 23:02:51 · answer #6 · answered by Anonymous · 0⤊ 0⤋
In the U.S. of course you do!
2007-11-15 23:10:26 · answer #7 · answered by dotell 3 · 0⤊ 5⤋