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(Solution Download) Lewis and Laurie are married and jointly own a home valued at $367,500. They recently paid off the m


 

 

 

 

 

 

 

Lewis and Laurie are married and jointly own a home valued at

 

$367,500. They recently paid off the mortgage on their home. In

 

need of cash for personal purposes unrelated to the home, the

 

couple borrowed money from the local credit union. How much

 

interest may the couple deduct in each of the following alternative

 

situations? (Assume they itemize deductions no matter the amount of

 

interest.)

 

 

 

 

 

 

 

 

 

a.

 

The couple borrows $63,250, and the loan is secured by their

 

home. The couple pays $2,530 interest on the loan during the year,

 

and the couple files a joint return

 

 

 

 

 

 

 

 

b.

 

The couple borrows $17,300 unsecured from the credit union. The

 

couple pays $1,557 interest on the loan during the year, and the

 

couple files a joint return.

 

 

 

 

 

 

 

 

c.

 

The couple borrows $186,000, and the loan is secured by their

 

home. The couple pays $7,812 interest on the loan during the year,

 

and the couple files a joint return

 

 

 

 

 

 

 

 

d.The couple borrows $186,000, and the loan is secured by their

 

home. The couple pays $7,812 interest on the loan during the year,

 

and the couple files separate tax returns. Determine the interest

 

deductible by Lewis only.

 

 

 

 


 

 


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