# Problem 5-25Interest (LO 5.8)Helen paid the following amounts of interest during the 2019 tax year:Mortgage interest on Dallas residence (loan balance \$50,000)\$1,600Automobile loan interest (personal use only)440Mortgage interest on Vail residence (loan balance \$50,000)3,100Visa and Mastercard interest165Calculate the amount of Helen's itemized deduction for interest (after limitations) for 2019

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Problem 5-25
Interest (LO 5.8)

Helen paid the following amounts of interest during the 2019 tax year:

 Mortgage interest on Dallas residence (loan balance \$50,000) \$1,600 Automobile loan interest (personal use only) 440 Mortgage interest on Vail residence (loan balance \$50,000) 3,100 Visa and Mastercard interest 165

Calculate the amount of Helen's itemized deduction for interest (after limitations) for 2019

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Step 1

Calculation of Helen’s itemized deduction for interest:

Helen’s itemized deduction for interest for 2019 is \$4,700

Step 2

Computation of Helen’s itemized dedu...

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