R1 M5 Wrong MCQ Flashcards
1
Q
Give and example of deductible and nondeductible interest
A
Interest on mortgages are deductible up to 750,000
Interest for personal expenses like auto loans and credit cards are not deductible
2
Q
When are interest on home equity loans deductible?
A
When the proceeds are used to substantially improve the home only
3
Q
Review deduction of ordinary income property at LTCG property
A
Look at notes
4
Q
A
