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Problem 5-23 Interest (LO 5.8) Ken paid the following amounts for interest during 2019: Qualified interest on home mortgage per Form 1098 $5,322 Auto loan
Problem 5-23
Interest (LO 5.8) Ken paid the following amounts for interest during 2019: Qualified interest on home mortgage per Form 1098 $5,322 Auto loan interest 850 400 "Points" on the mortgage for acquisition of his personal residence per Form 1098 Service charges on his checking account 40 Mastercard interest 300 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 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 You Paid Caution: a Home mortgage interest and points reported to you on Form 1098 See instructions if limited 8a Your mortgage interest deduction may be limited (see instructions). b Home mortgage interest not reported to you on Form 1098. 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 Reserved 8d e Add lines 8a through 8c . 8e 9 Investment interest. Attach Form 4952 if required. See instructions. 9 10 Add lines 8e through 9 10Step by Step Solution
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