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Ms. Talbot, a single taxpayer, purchased her principal residence on July 11, 2019 and financed the purchase with a mortgage secured by the residence. In
Ms. Talbot, a single taxpayer, purchased her principal residence on July 11, 2019 and financed the purchase with a mortgage secured by the residence. In 2021, the average balance of the mortgage was $817,000, and Ms. Talbot paid $35,000 of mortgage interest expense. How much of this interest is an itemized deduction?
a. | $0 | |
b. | $20,270 | |
c. | $32,130 | |
d. | $35,000 |
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