Question
Once a year, Marshall rents out his personal home when the nearby convention center holds a yoga and meditation convention. Demand is very high for
Once a year, Marshall rents out his personal home when the nearby convention center holds a yoga and meditation convention. Demand is very high for the two-week long convention. So, Marshall charges $1,000 a night for his large home. He has $200 of expenses in preparing for the rental. In 2019, he rented the home for 13 days total. How much rental income and expense will be reported, and where will it be reported?
$13,000 of rental income and $200 of rental expense on Schedule 1, line 21.
$13,000 of rental income and $200 of rental expense on Schedule E.
$0 of rental income and $200 of rental expense on Schedule E.
$0 of rental income and $0 of rental expense reported.
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