53) chee, single, age 40, had the following income and expenses during the year (not a leap year):

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 Motors....................................... $400

Expenses:
Interest
On home mortgage.................................................... $8,400
On vacation home .................................................... $4,758
On loan used to buy municipal bonds.............................. $3,100

Taxes:
Property tax on home.................................................. $2,200
Property tax on vacation home....................................... $1,098
State income tax....................................................... $3,300
Charitable contributions.............................................. $1,100
Tax return preparation fee............................................ $300
Utilities and maintenance on vacation home....................... $2,600
Depreciation on rental 50% of vacation home..................... $3,500
ana1
Asked Nov 04, 2013

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