Lewis and Laurie are married and jointly own a home valued at $367,500 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 ) a The couple borrows $63,250, and the loan is secured by their home The couple pays $2,530 interest on the loan during the year, and the couple files a joint return b The couple borrows $17,300 unsecured from the credit union The couple pays $1,557 interest on the loan during the year, and the couple files a joint return c The couple borrows $186,000, and the loan is secured by their home The couple pays $7,812 interest on the loan during the year, and the couple files a joint return d The couple borrows $186,000, and the loan is secured by their home The couple pays $7,812 interest on the loan during the year, and the couple files separate tax returns Determine the interest deductible by Lewis only

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Posted on Sep 17, 2024

Lewis and Laurie are married and jointly own a home valued at $367,500. They recently paid off the mortgage on their home. In need of

Lewis and Laurie are married and jointly own a home valued at $367,500. 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.)

The couple borrows $63,250, and the loan is secured by their home. The couple pays $2,530 interest on the loan during the year, and the couple files a joint return

The couple borrows $17,300 unsecured from the credit union. The couple pays $1,557 interest on the loan during the year, and the couple files a joint return.

The couple borrows $186,000, and the loan is secured by their home. The couple pays $7,812 interest on the loan during the year, and the couple files a joint return

d.The couple borrows $186,000, and the loan is secured by their home. The couple pays $7,812 interest on the loan during the year, and the couple files separate tax returns. Determine the interest deductible by Lewis only.