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Lewis and Laurie are married and jointly own a home valued at $475,000. They recently paid off the mortgage on their home. In need of
Lewis and Laurie are married and jointly own a home valued at $475,000. They recently paid off the mortgage on their home. In need of cash for personal purposes unrelated to the home, the couple borrowed money from the local credit union. How much interest may the couple deduct in each of the following alternative situations? (Assume they itemize deductions no matter the amount of interest.) (Leave no answer blank. Enter zero if applicable. Do not round intermediate calculations. Round your final answers to the nearest whole dollar amount.) Problem 14-48 Part a a. The couple borrows $50,250, and the loan is secured by their home. The couple pays $2.,010 interest on the loan during the year, and the couple files a joint return ount of Interest
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