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Mr. and Mrs. Udall live in a home that Mrs. Udall inherited from her parents. This year, the Udalls took out a first mortgage secured
Mr. and Mrs. Udall live in a home that Mrs. Udall inherited from her parents. This year, the Udalls took out a first mortgage secured by the home. a. Determine their itemized deduction for interest paid on the mortgage when the interest payment was $2,775, the average balance of the mortgage was $60,000, and the Udalls used the borrowed funds to pay for their daughter's wedding and honeymoon. b. Determine their itemized deduction for interest paid on the mortgage when the interest payment was $10,506, the average balance of the mortgage was $162,000, and the Udalls used the borrowed funds to add a new screened porch to their home
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