Question
Wayne, a single taxpayer, purchases a new home valued at $725,000, in 2021 , borrowing $625,000 from Century National Bank. He also pays $7,250 in
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Wayne, a single taxpayer, purchases a new home valued at $725,000, in 2021, borrowing $625,000 from Century National Bank. He also pays $7,250 in points. During 2021 he pays interest of $71,000 on the loan. He also pays $32,000 in real estate taxes during 2021. Wayne pays state income taxes of $25,000.
What is Wayne's allowable taxes deduction on Schedule A in 2021?
a. $ - 0 -
b. $ 10,000
c. $ 25,000
d. $ 32,000
e. $ 57,000
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Management Accounting
Authors: Charles T Horngren, Gary L Sundem, William O Stratton, Howard D Teall, George Gekas
5th Canadian Edition
0131922688, 978-0131922686
