Question 57 of 75. Maverick rented his home for 14 days and made $8,400 of rental income through an online rental platfo

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Question 57 Of 75 Maverick Rented His Home For 14 Days And Made 8 400 Of Rental Income Through An Online Rental Platfo 1 (104.86 KiB) Viewed 23 times

Question 57 of 75. Maverick rented his home for 14 days and made $8,400 of rental income through an online rental platform. The platform sent Maverick a Form 1099-K, Payment Card and Third Party Network Transactions, reporting the $8,400 in payments he received. How will he report this to the IRS? He should O Attach a statement to the tax return explaining the amount is excludable as short-term rental income and indicate on the Schedule 1 (Form 1040), Part I, 8k, the income is not taxable. Report the income on Schedule 1 (Form 1040), line 5. Report the income on Schedule E and attach a statement indicating it's not taxable. Marker tewathe IRS seeking approval to exclude the income.