Marys mother defaults on a home loan and Mary pays $600 in loan payments, including $175 in
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Mary’s mother defaults on a home loan and Mary pays $600 in loan payments, including $175 in interest. Mary is not legally obligated on the loan and has no ownership interest in her mother’s home.
a. What amount, if any, may Mary claim as an itemized deduction for 2014?
$ _____________________
b. Why?_____________________________________________________________________
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Related Book For
Income Tax Fundamentals 2015
ISBN: 9781305177772
33rd Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven Gill
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