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1: Janet and James purchased their personal residence 15 years ago for 300,000. For the...

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Accounting

1: Janet and James purchased their personal residence 15 years ago for 300,000. For the current year, they have an 80,000 first mortgage on their home, on which they paid 5,600 in interest. They also have a home equity loan secured by their home with a balance throughout the year of 150,000. They paid interest on the home equity loan of 12,000 for the year. Calculate the amount of their deduction for interest paid on qualified residence acquisition debt and qualified home equity debt for 2013.

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