Ken paid the following amounts for interest during 2018: 3 Qualified interest on home mortgage.................$4,800 Auto loan
Question:
Ken paid the following amounts for interest during 2018: 3
Qualified interest on home mortgage.................$4,800
Auto loan interest.................850
“Points” on the mortgage for acquisition of his personal residence.................400
Service charges on his checking account.................40
Mastercard interest.................300
Calculate Ken’s itemized deduction for interest on the following portion of Schedule A.
Transcribed Image Text:
Interest You 8 Home mortgage interest and points. If you didn't use all of your home mortgage loan(s) to buy, build, or improve your home, see instructions and check this box. . a Home mortgage interest and points reported to you on Form 1098 . Paid Caution: Your mortgage interest deduction may be Imited (see instructions). 8a b Home mortgage interest not reported to you on Form 1098. If paid to the person from whom you bought the home, see instructions and show that person's name, identifying no., and address 8b C Points not reported to you on Form 1098. See instructions for special rules. d Reserved. e Add lines 8a through 8c 9 Investment interest. Attach Form 4952 if required. See instructions 8c 8d 8e 10 Add lines 8e and 9 10
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a 4800 400 Other interest is nondeductible personal interest Interest You 8 Hom...View the full answer
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My self Mugdha Sisodiya from Chhattisgarh India. I have completed my Bachelors degree in 2015 and My Master in Commerce degree in 2016. I am having expertise in Management, Cost and Finance Accounts. Further I have completed my Chartered Accountant and working as a Professional.
Since 2012 I am providing home tutions.
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Related Book For
Income Tax Fundamentals 2019
ISBN: 9781337703062
37th Edition
Authors: Gerald E. Whittenburg, Steven Gill
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