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CPA Accountant Review Questions

Category - Tax Preparation

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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?

$5,000
$6,500
$7,000
$8,500

Explanation

Answer: C - $7,000

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