Itemized deductions are subject to a phase-out based on AGI for certain high-income taxpayers.

True

False

2-

Amy paid the following interest expense during the current year:

Qualified home mortgage interest	$5,000
Credit card interest	$ 1,000
Personal bank loan interest	$ 3,000

What is the amount of Amy's interest deduction for the current year?

a.$3,000

b.$6,000

c.$1,000

d.$4,000

e.$5,000