Marys mother defaults on a home loan and Mary pays $600 in loan payments, including $175 in
Question:
Mary’s mother defaults on a home loan and Mary pays $600 in loan payments, including $175 in interest. Mary is not legally obligated on the loan and has no ownership interest in her mother’s home.
a. What amount, if any, may Mary claim as an itemized deduction for the current tax year?
b. Why?
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Related Book For
Income Tax Fundamentals 2019
ISBN: 9781337703062
37th Edition
Authors: Gerald E. Whittenburg, Steven Gill
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