Mr. Longwood paid interest in 2023 as follows: ABC Bank (personal car loan) 1,000 ABC Bank (mortgage of $1,250,000 to purchase principal residence in 2022) 50,000 TD Ameritrade (Investment Interest) 10,000 Investment Income ($8,000) What is the maximum amount (after all limitations) that Mr. Longwood can deduct for interest on Schedule A?

Answer rating: 100% (QA)

To calculate the maximum amount of interest that Mr Longwood can deduct on Schedule A we need to con... View the full answer