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Leslie and Jason, who are married filing jointly, paid the following expenses during 2020: $ 100 3,000 Interest on a car loan Interest on lending
Leslie and Jason, who are married filing jointly, paid the following expenses during 2020: $ 100 3,000 Interest on a car loan Interest on lending institution loan (used to purchase municipal bonds) Interest on home mortgage (home mortgage principal is less than $750,000) 2,100 Required: What is the maximum amount that they can use in calculating itemized deductions for 2020? JA Amount used in calculating itemized deduction Shelby has net investment income of $18,450 and wage income of $80,500. She paid investment interest expense of $19,000. What is Shelby's deduction for investment interest expense? Deductable investment interest expense Mickey is a 12-year-old dialysis patient. Three times a week for the entire year, he and his mother, Sue, drive 20 miles one way to Mickey's dialysis clinic. On the way home, they go 10 miles out of their way to stop at Mickey's favorite restaurant. Their total round trip is 50 miles per day. Required: How many of those miles, if any, can Sue use to calculate an itemized deduction for transportation? Use the mileage rate in effect for 2020 to compute Itemized deduction. (Round your "Itemized deduction" answer to 2 decimal places.) Number of miles to be used Itemized deduction
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