Monique owns a building that she leases to an individual who operates a grocery store. Rent income is $10,000, and rental expenses are $6,000. On what Form 1040 schedule or schedules are the income and expenses reported

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07-04-2022
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Monique owns a building that she leases to an individual who operates a grocery store. Rent income is $10,000, and rental expenses are $6,000. On what Form 1040 schedule or schedules are the income and expenses reported

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abiolataiwo2015 abiolataiwo2015 · Answer 1 · 2022-04-13T10:47:39+02:00

If the building is lease to a person who owns a grocery store. The Form 1040 schedule that the income and expenses are reported is: Schedule E.

What is Schedule E?

Schedule E can be defined as the type of form that is used to record or report income and expenses that has to do with rental.

Based on the informatioin given both the rent income and rent expenses will be reported under schedule E.

Inconclusion the income and expenses are reported in Schedule E.

Learn more about Schedule E here:https://brainly.com/question/4120733