Home mortgage interest $8,000; and
Investment interest (on loans used to buy stocks) $10,000.
What is Al and Amy's interest deduction for the 2007 tax year? ( 1- $17,000
(TCO B) Charitable contribution deductions for Capital Gains Property made by individuals without a reduction for long-term capital gains to public charities are limited to:
1- 50% of AGI
2- 40% of AGI
3- 30% of AGI
4- 20% of AGI
(TCO A) The following taxes were paid by Tim: Real estate taxes on his home: $1,000; State income taxes: $900; and State gasoline tax (personal use of automobile): $150.
In itemizing his deductions, what is the amount that Tim may claim as a deduction for taxes?
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