The Greenfields? 2014 AGI is $98,500, which includes $620 of taxable interest income. They incurred the following
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The Greenfields? 2014 AGI is $98,500, which includes $620 of taxable interest income. They incurred the following interest expenses during the year
The Greenfields originally paid $260,000 for their main home. At the beginning of 2014, the home was worth $300,000 and the balance on the mortgage on their main home was $138,000. On May 1, 2014, the Greenfields refinanced the mortgage on their main home with a $190,000, 10-year loan. They used the extra proceeds to buy a new car, take a vacation, and consolidate other loans. Compute the Greenfields? 2014 interest expense deduction on Schedule A.
Related Book For
Principles of Taxation for Business and Investment Planning 2017
ISBN: 9781259753015
20th edition
Authors: Sally M. Jones, Shelley C. Rhoades-Catanach, Sandra R. Callaghan
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