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Problems usually are of three types; what are they?
Rental Activity
Involves leasing property to others and is often subject to specific tax rules and reporting obligations, including the possibility of passive activity loss limitations.
Deductibility
Deductibility refers to the eligibility of an expense to be subtracted from gross income to reduce taxable income, based on IRS guidelines.
Schedule C
A form used by sole proprietors to report income and expenses from a business or profession to the IRS.
Schedule E
A form used with the Form 1040 for reporting income from rental property, royalties, partnerships, S corporations, estates, trusts, and residual interests.
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