INTEREST EXPENSE: John and Mary have adjusted gross income ary nave adjusted gross income of $155,000 in 2019 During the year, they paid the following interest expense: INTEREST PAID Home mortgage interest: House bought in 2009 for $900,000 Estimated fair market value $1,000,000 Remaining mortgage in 2019 $800,000 26,000 Home equity loan (secured by mortgage) taken out in 2019 - $100,000 loan proceeds used for daughter's wedding, vacation and other personal expenditures 5,000 Unsecured bank loan of $30,000 - Proceeds of loan used to make home improvements 3,000 - Auto loan $20,000 Interest on credit cards 1,500 1,000 Interest on student loans from when John and Mary were in college 3,000 Interest expense on loan - proceeds were used to buy stock (2019 nonqualified dividends and interest income total $4,000) 7,000 REQUIRED: (a) Calculate John and Mary's MAXIMUM allowable deduction for interest paid AFTER ALL LIMITATIONS for 2019. Classify the portion deductible "For AGI" and the portion deduction "From AGI as an itemized deduction". (b) If there are any carryovers, so indicate by type and amount. check answer - (a) for AGI $1,250; itemized $ 30,000 . (b) Investment interest expense carryover $3,000 So for a casa de empresa cover $3.00 INTEREST EXPENSE: John and Mary have adjusted gross income ary nave adjusted gross income of $155,000 in 2019 During the year, they paid the following interest expense: INTEREST PAID Home mortgage interest: House bought in 2009 for $900,000 Estimated fair market value $1,000,000 Remaining mortgage in 2019 $800,000 26,000 Home equity loan (secured by mortgage) taken out in 2019 - $100,000 loan proceeds used for daughter's wedding, vacation and other personal expenditures 5,000 Unsecured bank loan of $30,000 - Proceeds of loan used to make home improvements 3,000 - Auto loan $20,000 Interest on credit cards 1,500 1,000 Interest on student loans from when John and Mary were in college 3,000 Interest expense on loan - proceeds were used to buy stock (2019 nonqualified dividends and interest income total $4,000) 7,000 REQUIRED: (a) Calculate John and Mary's MAXIMUM allowable deduction for interest paid AFTER ALL LIMITATIONS for 2019. Classify the portion deductible "For AGI" and the portion deduction "From AGI as an itemized deduction". (b) If there are any carryovers, so indicate by type and amount. check answer - (a) for AGI $1,250; itemized $ 30,000 . (b) Investment interest expense carryover $3,000 So for a casa de empresa cover $3.00