Guido is calculating his personal income tax. He has the following expenses, and wants to know what he can claim on his tax return. The following expenses are all related to Guido's personal residence: $25,000 for new wood flooring; $3,000 home mortgage interest; $20,000 home mortgage principal; and $1,000 principal residence insurance policy.  

a) $1,000 

b) $3,000 

c) $20,000 

d) $49,000

Answer rating: 100% (QA)

For personal income tax purposes Guido may be able to claim the following expenses on his tax retur... View the full answer