Question: Ken paid the following amounts for interest during 2012: Qualified interest on home mortgage...........................................$4,700 Auto loan interest.....................................................................850 ''Points'' on the mortgage for acquisition of his
Ken paid the following amounts for interest during 2012:
Qualified interest on home mortgage...........................................$4,700
Auto loan interest.....................................................................850
''Points'' on the mortgage for acquisition of his personal residence...........300
Service charges on his checking account............................................40
Mastercard interest....................................................................300
Calculate Ken's itemized deduction for interest on the following portion of Schedule A.
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Interest 10 Home mortgage interest and points reported to you on Form 1098 10 You Paid Home mortgage interest not reported to you on Form 1098. If paid Note. to the person from whorn you bought the home, see instructions and show that person's name, identifying no., and address our mortgage interest deduction may be limited see 12 Points not reported to you on Form 1098. See instructions for instructions 13 Mortgage insurance premiums (see instructions)- .. . . 13 14 Investment interest. Attach Form 4952 if required. (See instructions,) 14 15 Add lines 10 through 14. -.. . 15
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