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Problem 5-23 Interest (LO 5.8) Ken paid the following amounts for interest during 2021: Qualified interest on home mortgage per Form 1098 $7,310 Auto loan
Problem 5-23 Interest (LO 5.8)
Ken paid the following amounts for interest during 2021:
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Calculate Ken's itemized deduction for interest on the following portion of Schedule A.
If a line item is zero, enter "0". Enter all amounts as positive numbers.
Interest You Paid Caution: Your mortgage interest deduction may be limited (see instructions). | 8 | Home mortgage interest and points. If you didn't use all of your home mortgage loan(s) to buy, build, or improve your home, see instructions and check this box . . . . . . . . . . . . . . . . . . . . | |||||||||||
a | Home mortgage interest and points reported to you on Form 1098. See instructions if limited | 8a | fill in the blank 1 | ||||||||||
b | Home mortgage interest not reported to you on Form 1098. See instructions if limited. If paid to the person from whom you bought the home, see instructions and show that person's name, identifying no., and address _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ | ||||||||||||
_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ | 8b | ||||||||||||
c | Points not reported to you on Form 1098. See instructions for special rules . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 8c | |||||||||||
d | Mortgage insurance premiums (see instructions) . . . . . . . . . . . . . . . . . | 8d | |||||||||||
e | Add lines 8a through 8d . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 8e | fill in the blank 2 | ||||||||||
9 | Investment interest. Attach Form 4952 if required. See instructions. | 9 | |||||||||||
10 | Add lines 8e through 9 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 10 | fill in the blank 3 |
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