Janet and James purchased their personal residence 15 years ago for $312,500. For the current year, they have an $78,125 first mortgage on their home, on which they paid $3,906 in interest. They also have a home equity loan to pay for the children's college tuition secured by their home with a balance throughout the year of $136,750. They paid interest on the home equity loan of $13,675 for the year. Calculate the amount of their deduction for interest paid on qualified residence acquisition debt and qualified home equity debt for the current year. It an amount is zero, enter "0". a. Qualified residence acquisition debt interest $ b. Qualified home equity debt interest $
Janet and James purchased their personal residence 15 years ago for $312,500. For the current year, they have an $78,125 first mortgage on their home, on which they paid $3,906 in interest. They also have a home equity loan to pay for the children's college tuition secured by their home with a balance throughout the year of $136,750. They paid interest on the home equity loan of $13,675 for the year. Calculate the amount of their deduction for interest paid on qualified residence acquisition debt and qualified home equity debt for the current year. It an amount is zero, enter "0". a. Qualified residence acquisition debt interest $ b. Qualified home equity debt interest $
SWFT Essntl Tax Individ/Bus Entities 2020
23rd Edition
ISBN:9780357391266
Author:Nellen
Publisher:Nellen
Chapter17: Business Tax Credits And The Alternative Minimum Tax
Section: Chapter Questions
Problem 28P
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Janet and James purchased their personal residence 15 years ago for $312,500. For the current year, they have an $78,125 first mortgage on their home, on which they paid $3,906 in interest. They also have a home equity loan to pay for the children's college tuition secured by their home with a balance throughout the year of $136,750. They paid interest on the home equity loan of $13,675 for the year. Calculate the amount of their deduction for interest paid on qualified residence acquisition debt and qualified home equity debt for the current year.
It an amount is zero, enter "0".
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