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.What is the amount of Georges medical deduction?

a.$27000

b.$7125

c.$500

d.$0

e. None of the above

2.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.

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

a.deductible b.not deductible c.only deductible at 50 percent d.only deductible at 30 percent e. None of the above.

4. The overall phaseout of itemized deductions

a.was repealed by the TCJA of 2017 b.applies in this example c.it is impossible to determine from the facts given whether or not the overall phaseout of itemized deductions applies d. All of the above. e. None of the above.