Reference no: EM13887654
Mrs. Carr made the following interest payments. Determine the extent to which she can deduct each payment.
a. $21,000 on a $280,000 mortgage incurred to construct (and secured by) her personal residence.
b. $3,000 on a $34,000 second mortgage secured by her personal residence. Mrs. Carr used the proceeds to pay off her credit card debt.
c. $2,290 on credit card debt.
d. $15,000 on a $200,000 bank loan incurred to purchase inventory for her sole proprietorship.
e. $1,610 on a bank loan incurred to purchase a car for her son.
f. $1,750 on a bank loan incurred to purchase mutual fund shares that generated $1,900 dividend income this year.
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Determine the extent to which she can deduct each payment
: Mrs. Carr made the following interest payments. Determine the extent to which she can deduct each payment. a. $21,000 on a $280,000 mortgage incurred to construct (and secured by) her personal residence. b. $3,000 on a $34,000 second mortgage secured..
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