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ces Mr. and Mrs. Udall live in a home that Mrs. Udall inherited from her parents. This year, the Udalls took out a first
ces Mr. and Mrs. Udall live in a home that Mrs. Udall inherited from her parents. This year, the Udalls took out a first mortgage secured by the home. Assume the taxable year is 2023. Required: a. Determine their itemized deduction for interest paid on the mortgage when the interest payment was $2,775, the average balance of the mortgage was $60,000, and the Udalls used the borrowed funds to pay for their daughter's wedding and honeymoon. b. Determine their itemized deduction for interest paid on the mortgage when the interest payment was $10,506, the average balance of the mortgage was $162,000, and the Udalls used the borrowed funds to add a new screened porch to their home. Complete this question by entering your answers in the tabs below. Required A Required B Determine their itemized deduction for interest paid on the mortgage when the interest payment was $2,775, the average balance of the mortgage was $60,000, and the Udalls used the borrowed funds to pay for their daughter's wedding and honeymoon. Note: Leave no cells blank - be sure to enter "0" wherever required. Itemized deduction < Required A Required B >
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