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Determine their itemized deduction for interest paid

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Reference no: EM13887628

Mr. and Mrs. Udall live in a home that Mrs. Udall inherited from her parents. This year, the Udalls took out a first mortgage on the home. Determine their itemized deduction for interest paid on the mortgage in each of the following cases:

a. The interest payment was $5,830, the average balance of the mortgage was $75,000, and the Udalls used the borrowed funds to buy a recreational vehicle.

b. The interest payment was $10,506, the average balance of the mortgage was $162,000, and the Udalls used the borrowed funds to pay for their daughter's wedding and honeymoon.

c. The interest payment was $10,506, the average balance of the mortgage was $162,000, and the Udalls used the borrowed funds to put a new roof on their home.

Reference no: EM13887628

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