Question 57 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. 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 58 of 75. Question 59 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? Write a letter to the IRS seeking approval to exclude the income. Report the income on Schedule E and attach a statement indicating it's not taxabte. 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 Summary Next >> Save / Return Later