Business, 30.04.2021 20:00 trent1002brown

Chee, single, age 40, had the following income and expenses during 2020: Income Salary $43,000
Rental of vacation home (rented 60 days, used personally 60 days, vacant 245 days) 4,000
Municipal bond interest 2,000
Dividend from General Electric 400
Expenses Interest on home mortgage 8,400
Interest on vacation home 4,758
Interest on loan used to buy municipal bonds 3,100
Property tax on home 2,200
Property tax on vacation home 1,098
State income tax 3,300
State sales tax 900
Charitable contributions 1,100
Tax return preparation fee 300
Utilities and maintenance on vacation home 2600
Depreciation on rental 50% of vacation home 3.500

Required:
Calculate Chee's net income from the vacation home, itemized deductions and taxable income for the year.

Answers: 3

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Chee, single, age 40, had the following income and expenses during 2020: Income Salary $43,000

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