Question
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 |
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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.
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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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