122k views
4 votes
Maintain rental/lease record IAW which Schedule?

A) Schedule A
B) Schedule B
C) Schedule C
D) Schedule D

1 Answer

7 votes

Final answer:

To maintain rental/lease records, one would typically use Schedule E for tax purposes. However, among the provided options, Schedule C is used for business or professional income, which could also include rental activities if conducted as part of a business.

Step-by-step explanation:

To maintain rental/lease records in accordance with a specified schedule, it's essential to be aware of the context in which the schedule is mentioned. Generally, for tax purposes, rental income and expenses are reported on Schedule E as part of IRS tax filings. However, the options provided (Schedule A, B, C, D) do not include Schedule E. Among the provided options, Schedule C is typically used for reporting income and expenses related to a business or profession if you are self-employed. However, without additional context, it might not be clear which schedule is the correct one to use as the question could be referencing a specific organizational or business policy beyond common IRS schedules.

User Ted Lowery
by
8.1k points