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CompTIA PDI+ Exam Prep

Category - Enrolled Agent

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The Becks own and operate an assisted-living facility. They provide maid service and meals in a common dining room. Where should they report the income and expenses from this activity?
  1. Other Income on Form 1040 and expenses as itemized deductions on Schedule A
  2. Income and expenses on Schedule E, Supplemental Income and Loss
  3. Income and expenses on Schedule C, Profit or Loss from Business
  4. Short-term capital gain on Schedule D
Explanation
Answer: C - Income and expenses on Schedule C, Profit or Loss from Business.
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