Question
Mr. and Mrs. Earwax, married filing jointly, own a principal residence and a vacation home. Each residence is subject to a mortgage that qualifies as
Mr. and Mrs. Earwax, married filing jointly, own a principal residence and a vacation home. Each residence is subject to a mortgage that qualifies as acquisition debt, and both mortgages were incurred before December 15, 2017. This year, the mortgage holders provided the following information.
| Mortgage Interest Paid | Average Balance of Mortgage | ||||||
| Principal residence | $ | 43,000 | $ | 961,800 | |||
| Vacation home | 25,100 | 355,000 | |||||
Compute Mr. and Mrs. Earwax's qualified residence interest. (Do not round intermediate calculations. Round your final answer to the nearest dollar amount.)
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Principles Of Taxation For Business And Investment Planning 2016 Edition
Authors: Sally Jones, Shelley Rhoades Catanach
19th Edition
1259549259, 978-1259618536, 1259618536, 978-1259549250
