Janet and James purchased their personal residence 15 years ago for $300,000. For the current year, they have an $80,000 first mortgage on their home, on which they paid $5,750 in interest. They also have a home equity loan secured by their home with a balance throughout the year of $150,000. They paid interest on the home equity loan of $9,000 for the year. Calculate the amount of their deduction for interest paid on qualified residence acquisition debt and qualified home equity debt for the current year.

Round any fraction to five decimal places; then, round your final answers to the nearest dollar.

a.

Qualified residence acquisition debt interest

Qualified home equity debt interest

Mike sells his home to Jane on April 2, 2015. Jane pays the property taxes covering the full calendar year in October, which amount to $2,500. How much may Mike and Jane each deduct for property taxes in 2015?

Note: If required, round any fractions to four decimal places and use rounded amounts in subsequent computations. Round your final answers to the nearest dollar.

	Regular Years	Leap Years (2012, 2016 etc.)
Mike deduction	$	$
Jane deduction