Question

Helen paid the following amounts of interest during the 2019 tax year: Mortgage interest on Dallas residence (loan balance $50,000) $1,600 Automobile loan interest (personal use only) 440 Mortgage interest on Vail residence (loan balance $50,000) 3,100 Visa and Mastercard interest 165 Calculate the amount of Helen's itemized deduction for interest (after limitations) for 2019.

Answer 1

Step-by-step explanation:

Helen has following amounts of interest duirng the 2019 tax year. Hence

Mortgage interest on Dallas residence (loan balance $50,000) =$1,600

Automobile loan interest (personal use only) = $440

Mortgage interest on Vail residence (loan balance $50,000) =$3,100

Visa and Mastercard interest =$165

Helen's itemized deduction for interest = ?

Itemized deduction for interest = Mortgage interest on Dallas residence +mortgage interest on Vail residence

Itemized deduction for interest = $1600 + $3100

Itemized deduction for interest = $4700