Question

1) Tariq and Hanan are a married couple and file joint return with AGI of $275,500...

1) Tariq and Hanan are a married couple and file joint return with AGI of $275,500 for 2019.They paid $25,000 of mortgage interest, $12,000 of unreimbursed medical expenses, $5,000 of property taxes, $3,500 interest on a credit card, and $15,000 of charitable contributions for the year. How much their itemized deductions for 2019?

A.

some other amount.
B.

$45,000.
C.

$57,000.
D.

$60,500.
E.

$48,500.

2) Senan bought a home in 2012 for $625,000 financing $550,000 of the purchase price with a 30-year mortgage. In 2019 when his existing mortgage balance was $520,000, he took out another loan for $150,000. He used the proceeds to pay off credit card debt of $40,000 and purchase a car for $85,000; the balance he used to buy an anniversary wedding ring for his wife. In 2019, he paid $30,000 interest on the mortgage and paid interest only of $6,600 on the other loan. What is his deduction for qualified residential interest for 2019?

A.

$30,000.
B.

some other amount.
C.

$6,600.
D.

$34,400.
E.

$36,600.
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