Homework Answers
Ans: Passive income, reported in Schedule
E
Schedule E is used to report your Passive or also known as
supplement Income or losses which is different from 'Earned
income'
Schedule E is usually used to report different types of Incomes
beside your RENTAL INCOME such as Partnerships, S
corporations,Royalties, Estates and trusts etc.
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Question 2 of 30. Marty is skilled at finding and purchasing property at sub-market prices. He...
Question 1 of 30. How is rent received as payment for the use of real property...
Question 1 of 30. How is rent received as payment for the use of real property reported on a tax return when little or no personal services are provided? O Not-for-profit income, reported on Schedule 1 (Form 1040), line 21. O Business earned income, reported on Schedule C. O Investment income, reported on Schedule D. O Passive income, reported on Schedule E.
Question 17 of 30. Beth owns a duplex in a resort town. One unit serves as...
Question 17 of 30. Beth owns a duplex in a resort town. One unit serves as her main residence. She rents the other fully-furnished unit whenever she can. In 2018, she rented the unit for 185 days. All of her tenants were short-term: none of them ever stayed for more than a few days. When the property is rented, Beth provides her tenants with cleaning services and fresh linens on a daily basis. How does Beth report this rental income...
Mark for low LP Question 38 of 75. Glenn has a rental house that was rented...
Mark for low LP Question 38 of 75. Glenn has a rental house that was rented beginning January 1 in the current tax year. On January 1, the tenant paid Glenn a $1,200 security deposit plus $950 rent for January and timely paid the $950 monthly rent each of the remaining eleven months. How much rental income will Glenn report for the current year? $11.400 512 350 512.600 513,550 Mark for follow up ho od rent for 5600 per month....
Question 40 of 75. Leon sold residential rental property he had owned for three years. As...
Question 40 of 75. Leon sold residential rental property he had owned for three years. As part of this sale, Leon realized gain on the sale of the rental hou $1231 $1245. 0 $1250 $1254 Mark for follow up Question 41 of 75. Rosa replaced a broken heating and air conditioning unit in one of her rental houses. How will this expense be reported on schedule As a repair, deducted as a current expense As an improvement depreciated over 15...
Comprehensive Income Tax Course: Module 1 4. Randy turned 16 last year and had his first...
Comprehensive Income Tax Course: Module 1 4. Randy turned 16 last year and had his first summer job. Even though his parents are claiming him as a dependent he wants to file a return in order to get his refund. He receives his W-2 and decides he can do his own return using form 1040-EZ. Which of the following information is not found on a Form W-2? a) The taxpayer’s Social Security number b) The taxpayer’s wages, tips and other...
Question 1 of 30. How is rent received as payment for the use of real property reported on a tax return when little or no personal services are provided? O Not-for-profit income, reported on Schedule 1 (Form 1040), line 21. O Business earned income, reported on Schedule C. O Investment income, reported on Schedule D. O Passive income, reported on Schedule E.
Question 17 of 30. Beth owns a duplex in a resort town. One unit serves as her main residence. She rents the other fully-furnished unit whenever she can. In 2018, she rented the unit for 185 days. All of her tenants were short-term: none of them ever stayed for more than a few days. When the property is rented, Beth provides her tenants with cleaning services and fresh linens on a daily basis. How does Beth report this rental income...
Mark for low LP Question 38 of 75. Glenn has a rental house that was rented beginning January 1 in the current tax year. On January 1, the tenant paid Glenn a $1,200 security deposit plus $950 rent for January and timely paid the $950 monthly rent each of the remaining eleven months. How much rental income will Glenn report for the current year? $11.400 512 350 512.600 513,550 Mark for follow up ho od rent for 5600 per month....
Question 40 of 75. Leon sold residential rental property he had owned for three years. As part of this sale, Leon realized gain on the sale of the rental hou $1231 $1245. 0 $1250 $1254 Mark for follow up Question 41 of 75. Rosa replaced a broken heating and air conditioning unit in one of her rental houses. How will this expense be reported on schedule As a repair, deducted as a current expense As an improvement depreciated over 15...
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