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11. Home Mortgage Interest. (Obj. 4) Jeff and Tina Hemphill own three homes. Their principal residence is located in Pittsburg. They also own condos in
11. Home Mortgage Interest. (Obj. 4) Jeff and Tina Hemphill own three homes. Their principal residence is located in Pittsburg. They also own condos in Las Vegas and Tampa. The amount of acquisition indebtedness and interest paid on each property is shown below Location of Home Pittsburg Las Vegas Tam Acquisition Indebtedness $140,000 440,000 400,000 Interest Paid 8,330 21,555 23,443 Compute the Hemphills' home mortgage interest deduction. a. b. How would your answer to Part a. change if the Pittsburg home were fully paid for, and the Hemphills only had mortgages on the two vacation homes
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