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Problem 2: Deductions for Personal Activities They also he year: 1. The total Mortgage interest paid can be allocated as follows: i) $20,000 from the
Problem 2: Deductions for Personal Activities They also he year: 1. The total Mortgage interest paid can be allocated as follows: i) $20,000 from the mortgage used to purchase their principal residence in 2015 . The average mortgage balance for 2022 was $900,000, ii) $10,000 for a mortgage to purchase their vacation home in 2017. The average mortgage balance for 2022 was $100,000. 2. The vacation home was rented for 30 days during the year and generated total income of $10,000. It was used personally for 120 days. The taxpayer uses the IRS method for any allocations. 3. They had total investment income during the year of $2,000. All of it represented ordinary dividends from Alphabet, Inc. Required: What are the total allowable itemized deductions for 2022 ? Problem 2: Deductions for Personal Activities They also he year: 1. The total Mortgage interest paid can be allocated as follows: i) $20,000 from the mortgage used to purchase their principal residence in 2015 . The average mortgage balance for 2022 was $900,000, ii) $10,000 for a mortgage to purchase their vacation home in 2017. The average mortgage balance for 2022 was $100,000. 2. The vacation home was rented for 30 days during the year and generated total income of $10,000. It was used personally for 120 days. The taxpayer uses the IRS method for any allocations. 3. They had total investment income during the year of $2,000. All of it represented ordinary dividends from Alphabet, Inc. Required: What are the total allowable itemized deductions for 2022
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