Solution-What is the amount and classification of her

What is the amount and classification of her student loan

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Reference no: EM133077472

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Q1. Wayne and Maria purchase a principal residence on April 1st of the current year. In order to obtain a 30 year mortgage, they are required to pay $7,300 in points at a closing. Charging points is a customary business practice in the area. In addition, they pay $4,400 of interest during the year. What is their current year deduction related to their home?

A. $4,400

B. $11,700

C. $11,600

D. $4,580

Q2. Leslie who is single, finished graduate school this year and began repaying her student loan. The proceeds of the loan were used to pay her qualified higher education expenses. She has not received any type of educational assistance or scholarships. The amount of interest paid during the year amounted to $3,800. What is the amount and classification of her student loan interest education deduction if her modified AGI is $20,000.

A. $2,500 from AGI

B. $3,800 for AGI

C. $3,800 from AGI

D. $2,500 for AGI

Reference no: EM133077472

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What is the amount and classification of her student loan

Reference no: EM133077472

Reference no: EM133077472

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