Jerry and Ann paid the following amounts during the current year: Interest on automobile loan $1,500 Interest on bank loan (proceeds were used to purchase municipal bonds) $5,000 Qualified home mortgage interest $3,150 What is the maximum amount they can use as interest expense in calculating itemized deductions for the current year

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Question:

Jerry and Ann paid the following amounts during the current year: Interest on automobile loan $1,500 Interest on bank loan (proceeds were used to purchase municipal bonds) $5,000 Qualified home mortgage interest $3,150 What is the maximum amount they can use as interest expense in calculating itemized deductions for the current year

Answers

Answer:the maximum amount is $3,150Explanation:The computation of the maximum amount that could be used as an interest expenses while calculating the item deductions for the present year is shown below:Here we considered only the home mortgage interest i.e. qualified i.e. $3,500The other things would not be considered like interest on automobile loan, interest on bank loan etc as it is not allowedTherefore the maximum amount is $3,150

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