Mr. and Mrs. Earwax, married filing jointly, own a principal residence and a vacation home. Each residence
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Question:
Mr. and Mrs. Earwax, married filing jointly, own a principal residence and a vacation home. Each residence is subject to a mortgage that qualifies as acquisition debt, and both mortgages were incurred before December 15, 2017. This year, the mortgage holders provided the following information.
Mortgage Interest Paid | Average Balance of Mortgage | ||||||
Principal residence | $ | 43,000 | $ | 961,800 | |||
Vacation home | 25,100 | 355,000 | |||||
Compute Mr. and Mrs. Earwax's qualified residence interest. (Do not round intermediate calculations. Round your final answer to the nearest dollar amount.)
Related Book For
Principles of Taxation for Business and Investment Planning 2016 Edition
ISBN: 9781259549250
19th edition
Authors: Sally Jones, Shelley Rhoades Catanach
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