28.Janet and James purchased their personal residence 15 years ago for $275,000. For the current...
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28.Janet and James purchased their personal residence 15 years ago for $275,000. For the current year, they have an $68,750 first mortgage on their home, on which they paid $3,438 in interest. They also have a home equity loan to pay for the children's college tuition secured by their home with a balance throughout the year of $138,000. They paid interest on the home equity loan of $13,800 for the year. Calculate the amount of their deduction for interest paid on qualified residence acquisition debt and qualified home equity debt for the current year.
| a. | Qualified residence acquisition debt interest | |
| b. | Qualified home equity debt interest |
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