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Required Informetlon The following Information appliles to the questions displayed below.] Lewis and Laurle are married and Jolntly own a home valued at $254,000. They
Required Informetlon The following Information appliles to the questions displayed below.] Lewis and Laurle are married and Jolntly own a home valued at $254,000. They recently pald off the mortgage on thelr home. The couple borrowed money from the local credit union In January of 2018. How much Interest may the couple deduct In each of the following alternative situations? (Assume they Itemize deductions no matter the amount of Interest) (Leave no answer blenk. Enter zero If applicable.) a. The couple borrows $54,000, and the loan Is secured by thelr home. The couple pays $3,000 Interest on the loan during the year and the couple files a joint return. Ded uctible interest expense
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