Jerry and Ann paid the following amounts during the current year: What is the maximum amount they can use as interest expense in calculating itemized deductions for the current year?

Question

Quizplus · Accepted Answer

The maximum amount they can use as interest expense in calculating itemized deductions for the current year is the sum of their mortgage interest and investment interest expenses, which is $3,000 + $150 = $3,150. The other expenses listed (credit card interest and car loan interest) are not deductible as itemized deductions on their tax return.

Jerry and Ann Paid the Following Amounts During the Current