94.0% complete Question Cecilia and Landon DeFee purchased their primary residence in North Carolina this year, but still maintain a vacation property in the Smokey Mountains. Their home in N. Carolina was purchased for $450,000, and they paid $22,349 in interest the first year. The vacation property was purchased 5 years ago for $300,000 and they paid $14,795 in interest this year. The couple has no other itemized deductions. What is the mortgage interest deduction for Cecilia and Landon

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26-04-2022
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94.0% complete Question Cecilia and Landon DeFee purchased their primary residence in North Carolina this year, but still maintain a vacation property in the Smokey Mountains. Their home in N. Carolina was purchased for $450,000, and they paid $22,349 in interest the first year. The vacation property was purchased 5 years ago for $300,000 and they paid $14,795 in interest this year. The couple has no other itemized deductions. What is the mortgage interest deduction for Cecilia and Landon

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anthougo anthougo · Answer 1 · 2022-05-10T13:06:04+02:00

The mortgage interest deduction for Cecilia and Landon for the year is $37,144.

What is mortgage interest deduction?

Taxpayers, like Cecilia and Landon DeFee, who own their homes on mortgages, can reduce their taxable income by the amount of interest paid.

The loan must be secured on their property and should not exceed $750,000 for married couples filing jointly or $375,000 for each couple filing separately.

Data and Calculations:

Primary Residence Vacation Property Total

Mortgage for property $450,000 $300,000 $750,000

Interest paid $22,349 $14,795 $37,144

Thus, the mortgage interest deduction for Cecilia and Landon for the year is $37,144.

Learn more about mortgage interests at https://brainly.com/question/22846480

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