Question
Helen paid the following amounts of interest during the 2019 tax year: Mortgage interest on Dallas...
Helen paid the following amounts of interest during the 2019 tax year:
|
Calculate the amount of Helen's itemized deduction for interest
(after limitations) for 2019.
$
Homework Answers
Answer #1
Calculation of Helen’s itemized deduction for interest:
Answer:
Helen’s itemized deduction for interest for 2019 is $4,700
Computation of Helen’s itemized deduction
other method
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
Not the answer you're looking for?
Similar Questions
This year, Benjamin Hassell paid $16,200 of interest on a mortgage on his home (Benjamin borrowed...
This year, Benjamin Hassell paid $16,200 of interest on a
mortgage on his home (Benjamin borrowed $540,000 in 2015 to buy the
residence and it is currently worth $864,000), $12,200 on a
$152,500 home-equity loan on his home, and $10,350 of interest on a
mortgage on his vacation home (loan of $345,000; home purchased for
$445,000 in 2016; home is not rented out at any time). How much
interest expense can Benjamin deduct as an itemized deduction?
Tyrone and Akira, who are married, incurred and paid the following amounts of interest during 2019:...
Tyrone and Akira, who are married, incurred and paid the
following amounts of interest during 2019:
Home acquisition debt interest
$
10,500
Credit card interest
3,200
Home equity loan interest (used for home improvement)
5,210
Investment interest expense
8,400
Required:
With 2019 net investment income of $1,050, calculate the amount
of their allowable deduction for investment interest expense and
their total deduction for allowable interest. Home acquisition
principal, and the home equity loan principal combined are less
than $750,000.
Tyrone...
This year, Major Healy paid $40,000 of interest on a mortgage on his home (he borrowed...
This year, Major Healy paid $40,000 of interest on a mortgage on
his home (he borrowed $800,000 to buy the residence in 2015;
$900,000 original purchase price and value at purchase), $6,000 of
interest on a $120,000 home-equity loan on his home (loan proceeds
were used to buy antique cars), and $10,000 of interest on a
mortgage on his vacation home (borrowed $200,000 to purchase the
home in 2010). Major Healy’s AGI is $220,000.
How much interest expense can Major...
1. Jose, who is 35, paid $1,600 of medical expenses during 2019, $1,100 of which were...
1. Jose, who is 35, paid $1,600 of medical expenses during 2019,
$1,100 of which were reimbursed by his insurance company. Jose's
AGI for 2019 is $36,000. What is Jose’s medical expense
deduction?
2.
Timothy paid $275 to the State DMV for the following with
respect to his pickup truck:
1. a registration fee of $50 per
vehicle; and
2. a personal property tax of $225
based on the value of the truck.
How much of the DMW fee is...
This year, Major Healy paid $33,750 of interest on a mortgage on his home (he borrowed...
This year, Major Healy paid $33,750 of interest on a mortgage on
his home (he borrowed $675,000 to buy the residence in 2015;
$775,000 original purchase price and value at purchase), $5,250 of
interest on a $105,000 home equity loan on his home (loan proceeds
were used to buy antique cars), and $6,250 of interest on a
mortgage on his vacation home (borrowed $125,000 to purchase the
home in 2010; home purchased for $312,500). Major Healy’s AGI is
$220,000. How...
This year (2020), Major Healy paid $37,000 of interest on a mortgage on his home (he...
This year (2020), Major Healy paid $37,000 of interest on a
mortgage on his home (he borrowed $740,000 to buy the residence in
2015; $840,000 original purchase price and value at purchase),
$5,500 of interest on a $110,000 home equity loan on his home (loan
proceeds were used to buy antique cars), and $9,500 of interest on
a mortgage on his vacation home (borrowed $190,000 to purchase the
home in 2010; home purchased for $475,000). Major Healy’s AGI is
$220,000....
This year, Major Healy paid $33,250 of interest on a mortgage on his home (he borrowed...
This year, Major Healy paid $33,250 of interest on a mortgage on
his home (he borrowed $665,000 to buy the residence in 2015;
$765,000 original purchase price and value at purchase), $5,000 of
interest on a $100,000 home equity loan on his home (loan proceeds
were used to buy antique cars), and $5,750 of interest on a
mortgage on his vacation home (borrowed $115,000 to purchase the
home in 2010; home purchased for $287,500). Major Healy’s AGI is
$220,000. How...
Leslie and Jason, who are married filing jointly, paid the following expenses during 2019: Interest on...
Leslie and Jason, who are married filing jointly, paid the
following expenses during 2019:
Interest on a car loan
$
250
Interest on lending institution loan (used to purchase
municipal bonds)
3,750
Interest on home mortgage (home mortgage principal is less than
$750,000)
2,650
Required:
What is the maximum amount that they can use in calculating
itemized deductions for 2019?
Which of the following is TRUE regarding the charitable contribution itemized deduction (ignore any AGI maximums)?...
Which of the following is TRUE regarding the
charitable contribution itemized deduction (ignore any AGI
maximums)?
Frank is allowed to deduct the $100 he gave to a needy person
begging outside the grocery store.
Joe donated land he has owed for several years to a qualified
charity (registered with the IRS). Joe is allowed to
take a charitable contribution deduction in the amount of the
current value of the land, even though his cost is less than its
current value.
Armondo...
Steve and Sue are married with three dependent children. Their 2017 joint income tax return shows...
Steve and Sue are married with three dependent children. Their
2017 joint income tax return shows $389,000 of AGI and $60,000 of
itemized deductions made up of $30,000 of state income taxes and
$30,000 of charitable contributions. Calculate the following
amounts: In your computations, round any percentage up the nearest
whole percent. If required, round your answers to the nearest
dollar.
a. Allowable itemized or standard deduction amount $
b. Allowable exemptions deduction amount $
c. Taxable income $
-------------------------------------------------------------------------------------------------------------------------------------------------------------...
ADVERTISEMENT
Need Online Homework Help?
Get Answers For Free
Most questions answered within 1 hours.
ADVERTISEMENT
Active Questions
asked 12 minutes ago
asked 21 minutes ago
asked 27 minutes ago
asked 40 minutes ago
asked 41 minutes ago
asked 43 minutes ago
asked 55 minutes ago
asked 1 hour ago
asked 1 hour ago
asked 1 hour ago
asked 1 hour ago
asked 1 hour ago