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Are You a Rental Income Pro?

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Questions and Answers

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?

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?

10 years

39 years

15 years

27.5 years (correct)

What is the recovery period for commercial real property?

39 years Signup and view all the answers

What type of income is rental income considered?

Ordinary income Signup and view all the answers

What deductions can be made from rental income?

Advertising, cleaning and maintenance, utilities, taxes, interest, and commissions for the collection of rent, travel, and transportation Signup and view all the answers

Can the cost of fire and liability insurance be deducted from rental income?

Yes, if the premium was paid in the year and is for more than 12 months in advance Signup and view all the answers

Can land be depreciated?

No, land cannot be depreciated Signup and view all the answers

Can the cost of repairs be deducted from rental income?

Yes, the cost of repairs can be deducted Signup and view all the answers

Can the cost of improvements be deducted from rental income in the current year?

No, the cost of improvements is normally not deducted immediately Signup and view all the answers

Can a loss from a rental property be deducted from other income?

Yes, a loss from a rental property may be able to be deducted from other income Signup and view all the answers

Is a deposit considered rental income?

No, a deposit is not considered rental income Signup and view all the answers

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Description

"Maximize Your Rental Income: Test Your Knowledge on Tax Reporting and Expenses!" Take this quiz to see how much you know about reporting rental income on your tax return. Learn about the necessary information you need to provide and how to calculate expenses incurred. Put your knowledge to the test and become a pro at maximizing your rental income!