Keith and Jennifer paid $4,000 of real estate taxes on their home and $1,000 of...
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Keith and Jennifer paid $4,000 of real estate taxes on their home and $1,000 of real estate tax on a vacant lot they purchased with the hope of building their dream home in the future. They also paid $3,000 in sales tax on Jennifers car and other purchases and $1,000 of ad valorem personal property tax on their cars.
Keith and Jennifer paid $12,000 of interest payments on their primary residence (acquisition debt of $225,000). They also paid $1,750 of interest expense on Jennifers car loan and $500 of interest on their Visa card.
What will go on schedule A and why?
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