Jack purchased a personal residence for $180,000, and insured it for the full replacement value. It had a fair market value of $195,000 when it was damaged by a fire. The fair market value after the fire was $155,000, and Jack received insurance proceeds of $15,000. What is the net amount of casualty loss that Jack can deduct if his adjusted gross income is $80,000?

$11,000

$16,900

$17,000

$25,000

Last year, Jacques paid the following interest:

Interest on home mortgage $7,300

Interest on loan to purchase furniture for personal residence $1,000

Interest on a loan used to purchase State of Louisiana general purpose bonds $1,800

If Jacques itemizes his deductions for last year, what is the amount of deductible interest expense?

$7,300

$8,300

$9,100

$10,100