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George is single and age 56, has AGI of $265,000, and incurs the following expenditures in this year. Medical expenses (before 7.5% floor) $27,000 Interest

George is single and age 56, has AGI of $265,000, and incurs the following expenditures in this year.

Medical expenses (before 7.5% floor)

$27,000

Interest on home mortgage

15,500

State income tax

7,500

State sales tax

4,500

Real estate tax

8,600

Charitable contribution

6,500

  1. Interest on the home mortgage is deductible

    a.

    if the residence is a principal personal residence

    b.

    if the residence is one other residence in addition to the principal personal residence

    c.

    on up to 750,000 of acquisition indebtedness incurred after 12/15/17 and before 1/1/26

    d.

    not on an equity loan borrowed out of the principal personal residence as long as there is equity

    e.

    All of the above.

  1. Given the facts of this example, George would deduct among the taxes

    a.

    state income tax

    b.

    state sales tax

    c.

    real estate tax

    d.

    a. & c.

    e.

    All of the above.

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