Where would tim report this rental income

Assignment Help Taxation

Reference no: EM133335505

Assignment:

Q1. Tim is the owner of Tim's Tool Rentals , LLC where he rents various power tools and equipment for short-term time framers. During the current year, Tim's Tool Rentals had $75000 of rental income. Where would Tim report this rental income?

a)schedule C

b)schedule E

c)schedule SE

Q2. Which of the following single taxpayers with a taxable income of $250000 and $100000 in QBI would still qualify for the QBI deduction?

a)a lawyer

b) a financial advisor

c)a doctor

Q3. Steve is a mechanic who had always been an employee of ABC corporation. Recently, he has decided to work as an independent contractor for the ABC corporation. All of the following statements are qualifications of an independent contractor except:

a) Steve sets his hours and schedule

b) Steve is responsible for having his tools or equipment.

c) Steve usually works for more than on individual or company.

Q4. Sadie rents three vacation homes in various locations and always has at least one of the houses available for rent. She manages and maintains the properties herself and performs no services for her tenants. What form should Sadie use to report her rental income and expenses?

a) Schedule E

b) Schedule 1 (Form 1040), line 21

c) Sadie does not have to report the rental income.

Reference no: EM133335505

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