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John paid $10,000 in mortgage interest last year. He and his wife earned $150,000 from their jobs last year. Based on their circumstances, they can deduct the mortgage interest from their taxable income,
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John paid $10,000 in mortgage interest last year. He and his wife earned $150,000 from their jobs last year. Based on their circumstances, they can deduct the mortgage interest from their taxable income, meaning they only have to

pay federal income tax on what amount?

User Theglauber
by
4.4k points

1 Answer

14 votes

Answer:

$140,000

Step-by-step explanation:

$150,000-$10,000= $140,000

User Matt Thomas
by
4.1k points
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