Dorothie paid the following amounts during 2016: Interest on her home mortgage $9,250 Service charges on her
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Question:
Dorothie paid the following amounts during 2016:
Interest on her home mortgage $9,250
Service charges on her checking account 48
Visa and Mastercard interest 168
Automobile loan interest 675
Interest on a loan to buy stock 1,600
Credit investigation fee for a loan 75
Dorothie’s residence has a fair market value of $150,000.
The mortgage balance is $125,000, which is a loan that was acquired in 2000 when she purchased her home. Dorothie has $1,000 of net investment income. Use the Interest You Paid section of Schedule A on Page 5-5 to calculate Dorothie’s interest deduction for the current year.
Related Book For
Income Tax Fundamentals 2017
ISBN: 9781305872738
35th edition
Authors: Gerald E. Whittenburg, Steven Gill, Martha Altus-Buller
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