Problem 6-48 (LO. 3) During the year (not a leap year), Anna rented her vacation home for 30 days, used it personally for 20 days, and left it vacant for 315 days. She had the following income and expenses: Rent income $7,000 Expenses Real estate taxes 2,500 Interest on mortgage 9,000 Utilities 2,400 Repairs 1,000 Roof replacement (a capital expenditure) 12,000 Depreciation 7,500 If an answer is zero, enter "O". Assume a 365-day year. In your computations round any fractions to four decimal places. Round your final answer to the nearest dollar. a. Compute Anna's net rent income or loss and the amounts she can itemize on her tax return, using the court's approach to allocating property taxes and interest. In the table below, if an expense is an itemized deduction select "Yes", otherwise select "No". Real property taxes Yes Utilities No Repairs No Depreciation No Roof replacement No Mortgage interest Yes Anna has itemize deductions of $ Compute Anna's taxable net rent income or deductible rental loss. b. How would your answer in part (a) differ using the IRS's method of allocating property taxes and interest? Anna has $ of itemize deductions related to these expenses and her taxable net rent income or deductible rental loss is Problem 6-54 (LO. 1, 3, 4) During the current year, Robert pays the following amounts associated with his own residence: Property taxes $3,000 8,000 Mortgage interest Repairs 1,200 Utilities 2,700 Replacement of roof 4,000 In addition, Robert paid $1,500 of property taxes on the home that is owned and used by Anne, his daughter. a. Classify the following expenses for Robert as "Deductible" or "Nondeductible". Property taxes - Robert Property taxes - Anne Mortgage interest Repairs Utilities Replacement of roof Enter Robert's total deductions without regard for any limitations. b. Can Anne deduct the $1,500 of property taxes? c. If deductible, are the deductions for AGI or from AGI (itemized)? d. Indicate whether each of the following is "True" or "False" regarding how the tax consequences could be improved. There is nothing that can be done to improve the tax consequences. Robert can make a cash gift to Anne, who could then pay for her expenses. If Robert can claim Anne as a dependent, he can deduct her expenses