Levi brings in four Forms 1098 with mortgage interest for the following properties: First mortgage on his home: $157,350 balance with interest paid of $6,294. Equity debt on his home: highest balance for year of $47,000 (all used for home improvements) with interest paid of $1,880. Mortgage on his vacation home: $99,000 balance with interest of paid of $4,455. Mortgage on his rental property: $142,300 balance with interest paid of $6,403. How much is he able to deduct on Schedule A (Form 1040), Itemized Deductions, for interest reported on these forms? $8,174 $10,749 $12,629 $19,032 please don't choose 8,174 wrong
Levi brings in four Forms 1098 with mortgage interest for the following properties: First mortgage on his home: $157,350 balance with interest paid of $6,294. Equity debt on his home: highest balance for year of $47,000 (all used for home improvements) with interest paid of $1,880. Mortgage on his vacation home: $99,000 balance with interest of paid of $4,455. Mortgage on his rental property: $142,300 balance with interest paid of $6,403. How much is he able to deduct on Schedule A (Form 1040), Itemized Deductions, for interest reported on these forms? $8,174 $10,749 $12,629 $19,032 please don't choose 8,174 wrong
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
31.
Transcribed Image Text:Levi brings in four Forms 1098
with mortgage interest for the
following properties: First
mortgage on his home: $157,350
balance with interest paid of
$6,294. Equity debt on his home:
highest balance for year of
$47,000 (all used for home
improvements) with interest paid
of $1,880. Mortgage on his
vacation home: $99,000 balance
with interest of paid of $4,455.
Mortgage on his rental property:
$142,300 balance with interest
paid of $6,403. How much is he
able to deduct on Schedule A
(Form 1040), Itemized Deductions,
for interest reported on these
forms?
$8,174
$10,749
$12,629
$19,032
please don't choose 8,174 wrong
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