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Question 57 of 75. Once a year, Marshall rents out his personal home when the nearby convention center holds a yoga and meditation convention. Demand
Question 57 of 75. 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? O $13,000 of rental income and $200 of rental expense on Schedule 1, line 21. O $13,000 of rental income and $200 of rental expense on Schedule E. O $0 of rental income and $200 of rental expense on Schedule E. O $0 of rental income and $0 of rental expense reported. Mark for follow up Question 58 of 75. Which of the following statements accurately describes active participation? O 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. O Providing 250 hours of personal service to the rental enterprise O Making management decisions like approving new tenants, deciding on rental terms, and approving expenditures, Mark for follow up
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