LO 5.3 12. Helen paid the following amounts of interest during the 2010 tax year: Mortgage interest

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LO 5.3 12. Helen paid the following amounts of interest during the 2010 tax year:

Mortgage interest on Dallas residence (loan balance $50,000) $2,025 Automobile loan interest (personal use only) 440 Mortgage interest on Vail residence (loan balance $50,000) 3,050 Visa and Mastercard interest 165 Calculate the amount of Helen’s itemized deduction for interest (after limitations)

for 2010.

$ ____________

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Income Tax Fundamentals 2011

ISBN: 9780538469197

29th Edition

Authors: Gerald E. Whittenburg, Martha Altus-Buller

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