Helen paid the following amounts of interest during the 2016 tax year: Mortgage interest on Dallas residence

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Helen paid the following amounts of interest during the 2016 tax year:

Mortgage interest on Dallas residence (loan balance $50,000) .............. $1,585

Automobile loan interest (personal use only) ................................................ 440

Mortgage interest on Vail residence (loan balance $50,000) .....................3,050

Visa and Mastercard interest ........................................................................... 165

Calculate the amount of Helen's itemized deduction for interest (after limitations) for 2016.

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Income Tax Fundamentals 2017

ISBN: 9781305872738

35th Edition

Authors: Gerald E. Whittenburg, Steven Gill, Martha Altus Buller

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Question Posted: Jul 19, 2017 11:00 AM

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Helen paid the following amounts of interest during the 2016 tax year: Mortgage interest on Dallas residence

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Income Tax Fundamentals 2017

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