Asked by Adrian Batista on May 20, 2024

verifed

Verified

Rental income may be reported on a Schedule A or a Schedule C.

Schedule A

A form used in the U.S. tax system for itemizing deductions, including medical expenses, taxes paid, and charitable contributions.

Schedule C

A tax form used by sole proprietors in the United States to report the income and expenses of their business, used to calculate net business profit or loss.

  • Ascertain accurate methodologies for documenting rental income and expenditures.
verifed

Verified Answer

JK
Jacqueline Khaw Sze ErnMay 25, 2024
Final Answer :
False
Explanation :
Rental income is reported on Schedule E, not Schedule A or Schedule C. Schedule E is used to report income or loss from rental real estate, royalties, partnerships, estates, and trusts.