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Category > Business & Finance Posted 31 May 2017 My Price 7.00

mortgage interest to claim on tax return

Question description

 

 

I need help with figuring out how much mortgage interest can be claimed on taxes. Here is the problem,.

Donald and daisy owned their house in Disrepair (that they lived in all of 2015) for which they paid $18,500 in acquisition mortgage interest(the loan balance all year was $370,000) plus they paid an additional $7,000 in interest on a home equity debt interest on a home equity interest debt with a balance of $140,000 during all of 2015. When the home equity debt was obtained donald and daisy's personal residence was worth $500,000 and they used all $140,000 of the loan proceeds to buy a pond for donald's mother (who did not live with them, nor did donald or daisy live there). 

Answers

QuickHelper
(10)
Status NEW Posted 31 May 2017 07:05 PM My Price 7.00

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