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Chee, single , age 40, had the following income & expenses during the year (not a leap year)?

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Chee, single , age 40, had the following income & expenses during the year (not a leap year)?

Postby webb24 » Sat Jul 14, 2012 7:37 am

LO. 1, 3
33.
Chee, single , age 40, had the following income & expenses during the year (not a leap year)

Income 43,000
Salary
Rental of vacation home 4,000
(rental 60 days, used
Personally 60 days,
vacant 245 days)
Municipal bond interest 2,000
Dividend from General Eclectic 400
Expenses
Interest
On home mortgage 8,400
On vacation home 4,758
On loan used to buy 3,100
municipal bonds
Taxes
Property tax on home 2,200
Property tax on vacation home 1,098
State sales tax 3,300
State sales tax 900
Charitable contributions 1,100
Tax return preparation fee 300
Utilities & maintenance 2,600
On vacation home
Depreciation on rental 50% 3,500
of vacation home

Calculate Chee’s taxable income for the year before personal exemptions.
webb24
 
Posts: 879
Joined: Mon Mar 21, 2011 8:36 pm

Chee, single , age 40, had the following income & expenses during the year (not a leap year)?

Postby sherman » Sat Jul 14, 2012 7:39 am

Life lesson - the USA is not the entire world - try posting this in USA section.
sherman
 
Posts: 909
Joined: Mon Mar 21, 2011 3:27 pm


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