akes out a $200,000 home equity loan to put an addition on the main home. Both loans are secured by the main
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In January 23021, Roger takes out $500,000 mortgage to purchse a main homef with a fair market value of $2,000.000. In February 2021, the taxpayer takes out a $200,000 home equity loan to put an addition on the main home. Both loans are secured by the main home and the total does not exceed the cost of the home. in 2021, Roger pays $10,000 interest on the first mortgage and $7,000 interested on the home equity loan. How much of the interest is deductible?
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- 1Sam attended the University of New Brunswick for the last 2 years. Sam has $3,000 in tuition tax credits carried forward from 2019. In 2020, Sam has $12,000 of additional tuition costs. What is the maximum amount of tuition that Sam could transfer to their parents for use as a credit? $0 $3,000 $5,000 O $12,000Ken paid the following amounts for interest during 2019: Qualified interest on home mortgage $5,322 Auto loan interest 850 “Points” on the mortgage for acquisition of his personal residence 400 Service charges on his checking account 40 Mastercard interest 300 Calculate Ken’s itemized deduction for interest on the following portion of Schedule A.
