Fran Paid the Following Amounts of Interest During 2013: Qualified $\quad\$ 7,000$

question 49

Essay

Fran paid the following amounts of interest during 2013: Qualified home mortgage interest $\quad\$ 7,000$
Automobile loan interest $\quad\$ 500$
Qualified interest on second residence $\quad \$ 5,000$
Credit card interest $\quad\$ 300$ Calculate the amount of Fran's interest deduction for 2013.

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Definitions:

Political Structure

The organized system of political institutions and processes through which a country or organization is governed, including branches of government, political parties, and electoral systems.

James II

King of England, Scotland, and Ireland from 1685 to 1688, whose reign ended with the Glorious Revolution due to his Catholic faith.

New England

A region in the northeastern United States comprising six states: Connecticut, Maine, Massachusetts, New Hampshire, Rhode Island, and Vermont.

James II

was the King of England, Ireland, and Scotland from 1685 to 1688, whose reign ended with the Glorious Revolution due to his attempts to reinstitute Catholic dominance in England.