Mr. and Mrs. Allen made the following interest payments. Determine their deduction for each payment....
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Accounting
Mr. and Mrs. Allen made the following interest payments. Determine their deduction for each payment.
A. $28,000 on a $400,000 acquisition mortgage secured by their personal residence.
B. $5,000 on a $60,000 second mortgage secured by their personal residence. The Allens used the proceeds to pay off credit card debt and take a second honeymoon.
C.$2,400 on credit card debt.
D.$1,500 on a bank loan incurred to purchase a new family car.
E.$1,890 on an unsecured bank loan incurred to pay for a new roof on their personal residence.
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