James owns a principal residence and has acquisition debt of $723,000. He also owns a vacation...
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James owns a principal residence and has acquisition debt of $723,000. He also owns a vacation home with acquisition debt of $241,000. He paid interest expense of $25,305 on his principal home and paid interest expense of $9,881 on the vacation home. Both homes were purchased in 2019. In the current year, James took out a home equity credit line of $31,710 to pay off credit card debt and buy an automobile and paid $2,820 of interest expense. How much mortgage interest expense is deductible? (Round answer to O decimal places, e.g. 5,125.) Deduction $ James owns a principal residence and has acquisition debt of $723,000. He also owns a vacation home with acquisition debt of $241,000. He paid interest expense of $25,305 on his principal home and paid interest expense of $9,881 on the vacation home. Both homes were purchased in 2019. In the current year, James took out a home equity credit line of $31,710 to pay off credit card debt and buy an automobile and paid $2,820 of interest expense. How much mortgage interest expense is deductible? (Round answer to O decimal places, e.g. 5,125.) Deduction $
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Related Book For
South-Western Federal Taxation 2020 Comprehensive
ISBN: 9780357109144
43rd Edition
Authors: David M. Maloney, William A. Raabe, James C. Young, Annette Nellen, William H. Hoffman
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