Howard paid $22,000 in mortgage payments in 2023. $15,000 was for interest and $7,000 was for principal. The mortgage was originally $450,000. How much can he deduct in 2023 as an itemized deduction for interest? a. $15,000 b. $22,000 c. $7,000 d. $0 Steve's house was destroyed in a tornado in 2023. He purchased the house for $150,000 in September 2012. The fair market value of the house before the tornado was $400,000 and the fair market value after the tornado was $200,000. His AGI for 2023 was $100,000. The President declared his town as a disaster area because of the tornado. How much can he deduct as a casualty loss in 2023?

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Ans 1 For Howards mortgage interest deduction Howard paid 15000 in interest on his mortgage in 2023 ... View the full answer