Marys mother defaults on a home loan and Mary pays $600 in loan payments, including $175 in

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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 2014?

$ _____________________

b. Why?_____________________________________________________________________

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Income Tax Fundamentals 2015

ISBN: 9781305177772

33rd Edition

Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven Gill

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Question Posted: Jul 16, 2015 06:00 AM

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Marys mother defaults on a home loan and Mary pays $600 in loan payments, including $175 in

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