Which of the following statements is TRUE regarding travel and transportation expenses related to rental property?

Only the standard mileage rate may be claimed for transportation expenses to look after a rental property.

Taxpayers should keep records of their mileage and travel expenses to substantiate the expenses before reporting on Schedule E (Form 1040).

Travel and transportation expenses are only deductible on the Schedule A (Form 1040) when there are records to substantiate the expenses.

Travel and transportation expenses are not allowed as a rental expense.

2 What is Form 1099-K, Payment Card and Third-Party Network Transactions, used to report?

Income a taxpayer received from the Department of Revenue during the calendar year.

Non-employee compensation.

Payments of $600 or more made to others in the course of a trade or business. Examples include rent, prizes, and awards.

The amount of payments and transactions from online platforms, apps, or payment card processors.

Which taxpayer has property that is depreciable?

Jackson purchased a new camera on March 10, 2022, for his photography business. Later, he had buyer's remorse and sold the camera on October 1, 2022.

Kelly owns a townhouse and rents it out to tenants.

Monica purchased a new refrigerator for personal use in her home.

Valerie purchased a lot of land that she held for investment.