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Questions and Answers
What form should rental income be reported on?
What form should rental income be reported on?
- Schedule A, Itemized Deductions, of Form 1040
- Schedule E, Supplemental Income and Loss, of Form 1040 (correct)
- Schedule C, Profit or Loss from Business, of Form 1040
- Form 1099-MISC
What information is needed to report rental income?
What information is needed to report rental income?
- Name and address of the property, amount of expenses incurred, and amount of depreciation taken
- Name and address of the property, amount of rent received, and amount of expenses incurred
- Name and address of the property, amount of rent received, and amount of depreciation taken
- Name and address of the property, amount of rent received, amount of expenses incurred, and amount of depreciation taken (correct)
What is the recovery period for residential rental property?
What is the recovery period for residential rental property?
- 10 years
- 39 years
- 15 years
- 27.5 years (correct)
What is the recovery period for commercial real property?
What is the recovery period for commercial real property?
What type of income is rental income considered?
What type of income is rental income considered?
What deductions can be made from rental income?
What deductions can be made from rental income?
Can the cost of fire and liability insurance be deducted from rental income?
Can the cost of fire and liability insurance be deducted from rental income?
Can land be depreciated?
Can land be depreciated?
Can the cost of repairs be deducted from rental income?
Can the cost of repairs be deducted from rental income?
Can the cost of improvements be deducted from rental income in the current year?
Can the cost of improvements be deducted from rental income in the current year?
Can a loss from a rental property be deducted from other income?
Can a loss from a rental property be deducted from other income?
Is a deposit considered rental income?
Is a deposit considered rental income?
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