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 the current tax year?

b. Why?

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Income Tax Fundamentals 2019

ISBN: 9781337703062

37th Edition

Authors: Gerald E. Whittenburg, Steven Gill

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Question Posted: Mar 02, 2019 06:29 AM

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Marys mother defaults on a home loan and Mary pays $600 in loan payments, including $175 in

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