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Chee single, age 40, had the following income and expenses during 2021: Income $43,000 4,000 2.000 400 Salary Rental of vacation home rented 60 days,
Chee single, age 40, had the following income and expenses during 2021: Income $43,000 4,000 2.000 400 Salary Rental of vacation home rented 60 days, used personally 60 days, vacant 245 days) Municipal bond interest Dividend from General Electric Expenses Interest on home mortgage Interest on vacation home Interest on loan used to buy municipal bonds Property tax on home Property tax on vacation home 8,400 4,758 3,100 2,200 1,098 State income tax 3,300 900 State sales tax 1,100 2,600 Charitable contributions Tax return preparation fee 300 Utilities and maintenance on vacation home Depreciation on rental portion of vacation home 3,500 Calculate Chee's net income from the vacation home, itemized deductions and taxable income for the year. If Chee has any options, choose the method that maximizes his deductions, In your computations, round any fractions to four decimal places. Then, round any amounts to the nearest dollar. If an amount is zero, enter "0". Assume 365 days in a year. a. Net income from vacation home: b. Itemized deductions: c. Taxable income
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