On July 1st, Elaine purchased a new home for 445,000, At the time of purchase, it was estimated that the property tax bill on the home for the year would be 8900 (445,000 2%). On the settlement statement, Elaine was charged, 4,450 for the year in property taxes and the seller was charged 4,450. On December 31st year I Elaine discovered that the real property taxes on the home for the year were actually 9,900. Elaine wrote 9900 check to the local government to pay the taxes for that calendar year (Elaine was liable for the taxes because she owed the property when they became due) What amount of real property taxes is Elaine allowed to deduct for year 1 (assuming not married filling separately).

(2) Patricia purchased a home on January 1st, 2017 for 1,390,000 by making down payments of 100,000 and financing the remaining 1,290,000 with a 30 year loan, secured by the residence, at 6%. During year 2017 and 2018, Patricia made interest only payments on the loan of 77,400. What amount of the 77,400 interest expenses Patricia paid during 2018 may she deduct as an itemized deductions (Assume not married filing separately).

(3) on March 1st, Mary borrowed 210,000 to buy her principal residence. Mary paid 3 point to reduce her interest rate from 7% to 6%. The loan is for a 30-year period. What is Mary year 1 deduction for her point paid.

(4) Irene rent her second home. During the year, Irene reported a net loss of 17,300 from the rental. If Irene is an active participant in the rental and her AGI is 144,000, how much of the loss can she deduct against ordinary income in the year.

Harvey rents his second home, during the year Harvey reported a net loss of 45,500 from the rental. If Harvey is an active participant in the rental and his AGI is 81,600, how much of the loss can he deduct against ordinary income for the year.

(6)Amanda purchased a home for 780,000 in 2016, she paid 156,000 cash and borrowed the remaining 624,000. This is amanda's only residence. Assume that in year 2021 when the home had appreciate to 1,170,000 and the remaining mortgage was 468000, interest rates decline and Amanda refinanced her home. She borrowed 780,000 at the time of the refinancing, paid off the first mortgage, and used the remaining for purposes unrelated to the home. What is her total amount of her amount of acquisition indebtedness for purposes of determining the deduction for home mortgage interest (assume not married filing separately)