An 80-year-old taxpayer with eamed Income and no dependent children could qualify for the earned Income credit in 2021. True or Falco True False Mary purchased a home in 2020 for $200,000. She made a 20-percent down payment and financed the rest with a 15-year loan at sx percent. In 2020, she took out a $20,000 home equity loan and used the proceeds to go on a trip around the world. In 2021 her interest payments were $9.600 on her mortgage and $1400 on her home equity loan What amount con she deduct in 2021 as an stemzed deduction Mumie Choice 50 $1,400 50.000 $1000 The Internal Revenue Code authorizes deductions for trade or business activities of the expenditure is "ordinary and necessary. True or Falso True False