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Military Course > Income – Schedules K-1 and Rental

Income – Schedules K-1 and Rental

This lesson covers the reporting of certain income from Schedules K-1 for Advanced certification and the reporting of rental income and expenses for Military certification.

Click the Skills Workout button to learn more about reporting different types of income from rental real estate, royalties, partnerships, S corporations, and trusts.

Skill Check

Check your understanding of reporting certain income from Schedules K-1 and reporting rental income and expenses. Indicate whether each of the statements below is true or false by clicking on the correct answer. To check your answers, click the Check My Answers button at the bottom of the page.

  1. True or False? Taxpayers can choose not to claim depreciation on business property.
  • A.
  • B.
  1. True or False? John Princeton was transferred overseas and began renting out his residence on September 1 of the tax year. He can claim 2/3 or 67% of his mortgage interest and property taxes as a rental expense.
  • A.
  • B.