Which of the Following Statements Is Not True About Vacation

question 43

Multiple Choice

Which of the following statements is not true about vacation home properties?

• A)Property rented for 15 days or more and used for personal use for 14 days or less would be categorized as primarily rental
• B)A property rented for 15 days or more and used for personal use for more than 14 days would be categorized as personal/rental
• C)A property categorized as primarily personal is rented for 0 days
• D)A primarily personal property does not need to report the income from the property

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Definitions:

Small Business

A privately owned corporation, partnership, or sole proprietorship that has fewer employees and less annual revenue than a corporation or regular-sized business.

Partnerships

A business structure where two or more individuals manage and operate a business in accordance with terms set out in a Partnership Agreement.

Sole Proprietorship

A business owned and operated by one person.

Corporation

A business structure that creates an entity separate from its owners and managers.