Question
Maryanne brings in four Forms 1098 with mortgage interest for the following properties: First mortgage on her home, $157,350 balance with interest paid of $6,294.
Maryanne brings in four Forms 1098 with mortgage interest for the following properties: First mortgage on her home, $157,350 balance with interest paid of $6,294. Equity debt on her home (funds used to replace the roof), highest balance for year of $47,000 with interest paid of $1,880. Mortgage on her vacation home, $99,000 balance with interest paid of $4,455. Mortgage on her rental property, $142,300 balance with interest paid of $6,403. How much is she able to deduct on Schedule A (Form 1040 or 1040-SR) for interest reported on these forms? $19,032 $12,629 $10,749 $8,174
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