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Chapter 8
3 . Macy had a lot of medical expenses this year that were not covered by her insurance ( either due to a deductible , co-insurance , or co-pay ). Her un-reimbursed qualifying medical expenses total $ 8,356 and her AGI for 2013 is $ 45,000 . Assuming she will itemize on her 2013 tax return , how much of her medical expenses will she be able to deduct ? ( 5 pts )
4 . Heather & Terry have a mortgage on their primary residence of $ 750,000 and a mortgage on their vacation home of $ 410,000 . In 2013 , they incurred $ 46,400 of mortgage interest expense . How much , if any , of that interest is deductible on Schedule A ? ( 5 pts )
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Jane Smith Case
ACCT 553 Week 4 Assignment You Decide FOR MORE CLASSES VISIT www . acct553study . com
How is the $ 300,000 treated for purposes of federal tax income ? Jane Smith Tax Issues :
( a ) What are the different tax consequences between paying down the mortgage debt and assuming a new mortgage debt for federal income tax purposes ?
( b ) Should John and Jane file separate or joint tax returns ? ------------------------------------------------------------