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22 January, 09:31

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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  1. 22 January, 11:56
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    Helen has following amounts of interest duirng the 2019 tax year. Hence

    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

    Helen's itemized deduction for interest = ?

    Itemized deduction for interest = Mortgage interest on Dallas residence + mortgage interest on Vail residence

    Itemized deduction for interest = $1600 + $3100

    Itemized deduction for interest = $4700
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