Question 51, 52, 53, 54

Question 51 of 75. oleh et the following statements is TRUE regarding the Section 198A qualified business income deduction for rental Ore taxpayer does not quality for the sale hator election, they will not be able to take the deduction. The mental enterprise sale harter election will be beneficial for all taxpayers even if the rental generates a net loss for the Both commercial and residential real estate may be part of the same rental real estate enterprise Orthe taxpayer does not make the safe harbor election, they may still be eligible to claim the deduction based on the facts and roumstances of the rental activity year Mark for follow up Question 52 of 75. Which of the following statements accurately describes active participation? Spending more than half the time in all trades or businesses in real estate activities and spending more than 750 hours in real estate activities Involved in the activity's operations on a regular, continuous, and substantial basis. Providing 250 hours of personal service to the rental enterprise Making management decisions like approving new tenants, deciding on rental terms, and approving expenditures. Mark for follow up Question 53 of 75. James replaced all the sidewalks, landscaping, and fencing surrounding his nonresidential rental real property. What will be the recovery period of the improvements ? O 15-year recovery period. 27.5-year recovery period. O 30-year recovery period. O 40-year recovery period. Mark for follow up Question 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? Wite a letter to the RS seeking approval to exclude the income. O Report the income on Schedule E and attach a statement indicating it's not taxable. Report the income on Schedule 1, line 8 O Report the income on Schedule 1, line 8 and attach a statement indicating it's not taxable. Mark for follow up Question 55 of 75 Sean owns a flat-bed trailer which he rents out to clients almost from the personal property