Miller, age 38, is a single taxpayer with adjusted gross income (AGI) for the year of...

 

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Miller, age 38, is a single taxpayer with adjusted gross income (AGI) for the year of $167,000. During the year, Miller made the interest payments shown in the following table. Enter the amounts that are reportable interest expense deductions, subject to a statutory percentage limitation, if any. If none of a particular payment is a reportable interest expense deduction, enter a zero. Note: Disregard all AGI limitations, if any, in completing the first section of this table. Expenses Mortgage interest paid on a Amount Schedule A Amount $420,000, 30-year mortgage 1 loan used to acquire a principal residence. 2 Points on 30-year mortgage for the purchase of the principal residence paid on June 30 of the current year Mortgage interest paid on a 3 4 5 6 $300,000 loan to purchase commercial rental property Interest paid on personal credit cards Interest paid to IRS for late filing of income tax return Interest paid on a $50,000 home equity loan. Of the $50,000 loan proceeds, $40,000 was used to make substantial improvements to the principal residence. The other $10,000 was used to pay off credit card debt. Notes or Explanation Total Schedule Deductible Interest $0 $0 Wrong Miller, age 38, is a single taxpayer with adjusted gross income (AGI) for the year of $167,000. During the year, Miller made the interest payments shown in the following table. Enter the amounts that are reportable interest expense deductions, subject to a statutory percentage limitation, if any. If none of a particular payment is a reportable interest expense deduction, enter a zero. Note: Disregard all AGI limitations, if any, in completing the first section of this table. Expenses Mortgage interest paid on a Amount Schedule A Amount $420,000, 30-year mortgage 1 loan used to acquire a principal residence. 2 Points on 30-year mortgage for the purchase of the principal residence paid on June 30 of the current year Mortgage interest paid on a 3 4 5 6 $300,000 loan to purchase commercial rental property Interest paid on personal credit cards Interest paid to IRS for late filing of income tax return Interest paid on a $50,000 home equity loan. Of the $50,000 loan proceeds, $40,000 was used to make substantial improvements to the principal residence. The other $10,000 was used to pay off credit card debt. Notes or Explanation Total Schedule Deductible Interest $0 $0 Wrong