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

SWFT Comprehensive Volume 2019

42nd Edition

ISBN:9780357233306

Author:Maloney

Publisher:Maloney

Chapter6: Deductions And Losses: In General

Section: Chapter Questions

Problem 25DQ

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