Ken paid the following amounts for interest during 2014: Qualified interest on home mortgage $4,700 Auto loan
Question:
Qualified interest on home mortgage $4,700 Auto loan interest.......... 850
"Points" on the mortgage for acquisition of his............... 300
personal residence
Service charges on his checking account................... 40
Master card interest........................... 300
Calculate Ken's itemized deduction for interest on the following portion of Schedule A.
Transcribed Image Text:
Interest You Paid 10 Home mortgage interest and points reported to you on Form 1098 10 1Home mortgage interest not reported to you on Form 1098. If paid to the person from whom you bought the home, see instructions and show that person's name, identifying no., and address Note. Your mortgage interest deduction may be limited (see Points not reported to you on Form 1098. See instructions for 13 RESERVED.... 14 Investment interest. Attach Form 4952 if required. (See instructions.) 14 12 instructions) 13 15 Add lines 10 through 14... 15
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Related Book For
Income Tax Fundamentals 2015
ISBN: 9781305177772
33rd Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven Gill
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