Problem 6-50 (LO. 1, 3) Chee, single, age 40, had the following income and expenses during 2021: Income 543,000 Salary Rental of vacation home (rented 60 days, used , personally 60 days, vacant 245 days) Municipal bond interest 4,000 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 3,300 State income tax State sales tax 900 Charitable contributions 1,100 Tax return preparation fee 300 2,600 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 "O". Assume 365 days in a year. . a. Net income from vacation home: b. Itemized deductions: c. Taxable income: Problem 6-49 (LO. 3) During the year (not a leap year), Anna rented her vacation home for 87 days, used it personally for 13 days, and left it vacant for 265 days. Use the IRS's method of allocating property taxes and interest. 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 1,000 Repairs Roof replacement (a capital expenditure) Depreciation 12,000 7,500 If required, round your answers to the nearest dollar. If an amount is zero, enter "0". Assume 365 days in a year. a. Is her vacation home classified as rental property? Yes b. Compute the following regarding the rental use of the property: Gross income: 7,000 Total expenses: 19,488 C. Anna has a net rental loss of $ 12,488 this year. d. What amount of the real estate taxes can Anna deduct as an itemized deduction? 325 e. What amount of the mortgage interest can Anna deduct as an itemized deduction? 0