Janet and James purchased their their home, on which they paid $5,750 in intere year of $150,000. r personal residence 15 years ago for $300,000. For the current year, they have an $80,000 first mortgage on They paid interest on the home equity loan of $9,000 for the year year Round any division to five decimal places caiculate the amount of their deduction for interest paid on qualified residence acquisition debt and qualified home equity debt for the current st. They also have a home equity loan secured by their home with a balance throughout the a. Qualified residence acquisition debt interest b. Qualified home equity debt interest Problem 5-14 Contributions (LO 5.4) Three years ago, Barbara donates a painting that cost $8,000, to a university for display in the president's office. The fair market value of the painting on the date of the gift is $14,000. If Barbara had sold the painting, the difference between the sales price and hercost would have been a long-term capital gain How much is Barbara's charitable contribution deduction for this donation? is deductible because the painting put to a use directly related to the organization's primary purpose Problem 5-18 Casualty and Theft Losses (LO 5.5) On January 3, 2016, Carey discovers his diamond bracelet has been stolen. The bracelet had a fair market value and adjusted bass of $7,000 Assuming Carey had no insurance coverage on the bracelet and his adjusted gross income for 2016 is $50,000, calculate the amo unt of his theft loss deduction (after any limitations). Problem 5-22 Casualty and Theft Losses (LO 5.5) Dan has a 20-year-old vintage car behind his residence. He has rarely used it. This year he discovers that it has been completely destroyed by rust. The car originally cost $5,000 and had a fair market value of that amount before the rust destroyed it. Dan has $25,000 of adjusted gross income. What is the amount of his casualty loss