54 of 75. Latanya rented her home for 14 days and made $75,000 of rental income through an online rental platform. The platform sent Latanya a Form 1099-K, Payment Card and Third Party Network Transactions, reporting the $75,000 in payments she received. How will this situation be reported to the IRS? O Write a letter to the IRS seeking approval to exclude the income. https://hrblock.csod.com/Evaluations/EvalLaunch.aspx?loid-1d43c398-dc17-416e-b5ee-8b0a0b056541&evall.vi-5&redirect_uw%20phn 1/4/2021 Realize Your Potential: H&R Block Report the income on Schedule E and attach a statement indicating it's not taxable. O Report the income on Schedule 1, line 8. Report the income on Schedule 1, line 8 and attach a statement indicating it's not taxable. Mark for follow up Question 56 of 75. Gary has a rental house that was rented beginning January 1 in the current tax year. On January 1, the tenant paid Gary a $1,200 security deposit plus $950 rent for January and $950 rent for the last month, whenever that occurs. The tenant timely paid the $950 monthly rent each of the remaining eleven months. How much rental income will Gary report for the current year? $11,400 $12,350 $12,600 $13,550 Mark for follow up