CPA Accountant Review Questions

Category - Tax Preparation

In the current year, the taxpayer paid $5,000 in mortgage interest on a primary residence, $1,500 mortgage interest on a vacation home, and $2,000 in loan interest on a recreational vehicle with sleeping, cooking, and toilet facilities. What is the taxpayer's maximum mortgage interest deduction?
  1. $5,000
  2. $6,500
  3. $7,000
  4. $8,500
Explanation
Answer: C - $7,000
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