Which of the following types of property may be depreciated?

A tblet used by a taxpayer, who is a sole propretor, solely for personal use

Smal tools, purchased by a business, with a use ul lte of less than one year.

A vacation home used only by the taxpayer.

(OA copier purchased ov a tax preparaton otos

A married couple who materially participates in the operation of a jointly owned business may elect for each spouse to file their own Schedule C, with each reporting their respective amounts of income, loss, and deduction. this is known as What?

A sole proprietorship.

A partnership.

A qualified joint venture.

An S corporation.

Question 6 of 10.

Which of the following types of property may be depreciated?

A tablet used by a taxpayer, who is a sole proprietor, solely for personal use.

Small tools, purchased by a business, with a useful life of less than one year.

O A vacation home used only by the taxpayer.

O A copier purchased by a tax preparation office.

Question 7 of 10.

Travel and transportation expenses related to rental property:

Are not deductible.

Are deductible on Schedule A when there are records to substantiate the expense.

Are always deductible.

Require records to substantiate the expenses before reporting on Schedule E.

Question 8 of 10.

To calculate the tax owed when there are only capital gain distributions on the tax return, you would use

Tax tables.

Schedule D Tax Worksheet.

Tax rate schedule.

Qualified Dividends and Capital Gain Tax Worksheet.

The item(s) NOT included in gross receipts is/are Sales tax collected by the proprietor and passed on to a state or local taxing authority. Goods or services the proprietor receives in exchange for the goods or services they sell. Payment for goods or services reported on Form 1099-NEC. Payment for goods or services NOT reported on Form 1099-NEC. Mark for follow up Question 2 of 10. Depending on the situation, real estate taxes are reported on which form(s): Only on Schedule A. Only on Schedule A or C. Only on Schedule A or E. Schedule A, C, or E. Mark for follow up Question 3 of 10. Why should records be kept for business-use assets such as video equipment and vehicles? They are depreciable assets whose depreciation percentage won't change each year. Just in case the taxpayer goes out of business. Good records can substantiate the portion written off as business expense on these assets commonly used for both business and personal. All of these are important reasons for keeping records of these assets. Mark for follow up Question 4 of 10. Edem Adjordor (35) owes $1,250 in self-employment taxes. Where will this be reported? Only on Schedule 2. On Schedule SE and on Schedule 2. On Form 1040 and Schedule 3. Only on Schedule SE