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Accounting
Tutor: None Selected Time limit: 1 Day

On January 2, Year 1, the Philips paid $50,000 cash and obtained a $200,000 mortgage to purchase a home.

In Year 4 they borrowed $15,000 secured by their home, and used the cash to add a new room to their residence. That same year they took out a $5,000 auto loan.

The following information pertains to interest paid in Year 4:

Mortgage interest $17,000
Interest on room construction loan 1,500
Auto loan interest 500 

For Year 4, how much interest is deductible to any itemized deduction limitations?

Sep 5th, 2015

Thank you for the opportunity to help you with your question!

18500 is the correct answer as there are interest when we add them we get it

Please let me know if you need any clarification. I'm always happy to answer your questions.
Sep 5th, 2015

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Sep 5th, 2015
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Sep 5th, 2015
Dec 8th, 2016
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