Mr.and Mrs.Allen made the following interest payments.Determine their deduction for each payment.
a.$28,000 on a $400,000 acquisition mortgage secured by their personal residence.
b.$5,000 on a $60,000 second mortgage secured by their personal residence.The Allens used the proceeds to pay off credit card debt and take a second honeymoon.
c.$2,400 on credit card debt.
d.$1,500 on a bank loan incurred to purchase a new family car.
e.$1,890 on an unsecured bank loan incurred to pay for a new roof on their personal residence.

Question

Quizplus · Accepted Answer

The Answer of Mr.and Mrs.Allen made the following interest payments.Determine their deduction for each payment.
a.$28,000 on a $400,000 acquisition mortgage secured by their personal residence.
b.$5,000 on a $60,000 second mortgage secured by their personal residence.The Allens used the proceeds to pay off credit card debt and take a second honeymoon.
c.$2,400 on credit card debt.
d.$1,500 on a bank loan incurred to purchase a new family car.
e.$1,890 on an unsecured bank loan incurred to pay for a new roof on their personal residence.

MrAnd MrsAllen Made the Following Interest Payments