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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
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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? ===================================================