Matthew borrows $290,000 to invest in bonds. During the current year, his interest on the loan is $29,000. Matthew's taxable interest income from the bonds is $17,400. This is Matthew's only investment income. 10/24/2019 CengageNOWV2 Online teaching and learning resource from Congage Learning a. Calculate Matthew's itemized deduction for investment interest expense for this year. b. Is Matthew entitled to a deduction (related to the investment interest expense) in future years? Ken paid the following amounts for interest during 2018: Qualified interest on home mortgage per Form 1098 $4,800 Auto loan interest 850 “Points” on the mortgage for acquisition of his 400 personal residence per Form 1098 Service charges on his checking account 40 Mastercard interest 300 Calculate Ken's itemized deduction for interest on the following portion of Schedule A.
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