In the current year, Sanchez paid interest of $30,000 on a $1,000,000 principal home mortgage. He also
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In the current year, Sanchez paid interest of $30,000 on a $1,000,000 principal home mortgage. He also paid interest of $4,000 on a $100,000 home equity loan, the proceeds of which he used to pay off student loans. Assuming that he can itemize, what is his current year deduction from these payments?
- $22,500
- $25,000
- $30,000
- $34,000
Related Book For
Canadian Income Taxation planning and decision making
ISBN: 9781259094330
17th edition 2014-2015 version
Authors: Joan Kitunen, William Buckwold
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