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Answer-a-Lewis and Laurie are married and filling jointly. As the mortgage loan is taken out after 13 October ,1987 and the loan amount is less than $100,000 full interests amount is allowed as itemized deduction.
So the couple couple can deduct the complete amount of interest on loan i.e.$2,100 during the year.
b-Home equity debt is limited to $100,000 for a couple filing jointly.Therefore, interest on $100,000 only will be allowed as a deduction.interest on loan in excess of $100,000 shall not be allowed as deduction.
The amount of interest allowed as deduction = ($5,450/ $120,000*$100,000)=$4,542
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following alternative situations? (Assume they itemize deductions
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chapter14 Graded liormework × ©Ge neworkllelp With Cheo x + a https://newconnect.m connect.html?returnUrl https%3A%2F%2Fconnect html%23 Chapter 14 Graded Homework Seved Help...
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