MN.38. 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
MN.38. 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
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Question
MN.38.
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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