Sue owns a home in arizona and in new york she spends, Ask an Expert

Management Studies

Sue owns a home in Arizona and in New York. She spends winters in Arizona and summers in New York. She also has a houseboat in Hawaii. All of these are her personal residences, and none is rented. All of the properties have mortgages on which she pays interest.

1. What are the limits, if any, on the deductibility of the mortgage interest based on this situation?

2. Is the deduction for AGI or from AGI?

3. When a taxpayer has loans that exceed the limits for deductibility, how is the amount of deductible interest expense determined? Show calculation without amounts.

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Operation Management, Management Studies

Category:- Operation Management
Reference No.:- M91425027

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