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Jorge is a single individual aged 42 and had the following income and expenses during 201% Income Salary Rental of a vacation home (rented 60
Jorge is a single individual aged 42 and had the following income and expenses during 201% Income Salary Rental of a vacation home (rented 60 days, used 60 days and vacant 245 days) Local municipal bond interest Dividend from Apple, Inc. Expenses: Interest on home mortgage Interest on vacation home mortgage Interest on loan used to buy local municipal bonds Property taxes on home Property taxes on vacation home State income taxes withheld from salary State sales tax Charitable contributions Tax return preparation fees Utilities and maintenance on vacation home Depreciation on rental portion of vacation home 43,000 4,000 2,000 400 8,400 4,758 3,100 2,200 1,098 3,300 900 1,100 300 2,600 3,500 Calculate Jorge's taxable income for the year. If Jorge has any options, choose the method that maximizes his deductions
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