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Calculate Chee taxable income for the year

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Reference no: EM132656919

Problem - Critical Thinking, Chee, single, age 40, had the following income and expenses during 2019:

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 2,600

Depreciation on rental portion of vacation home 3,500

Required - Calculate Chee's taxable income for the year. If Chee has any options, choose the method that maximizes his deductions.

Reference no: EM132656919

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