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Jerry and Ann Paid the Following Amounts During the Current

question 19

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Jerry and Ann paid the following amounts during the current year:  Interest on automobile loan$1,500Interest on bank loan (proceeds were used to purchase municipal bonds)  $5,000 Qualified home mortgage interest $3,150\begin{array}{llcc} \text { Interest on automobile loan} &\$1,500\\ \text {Interest on bank loan (proceeds were used to purchase municipal bonds) } &\$5,000\\ \text { Qualified home mortgage interest } &\$3,150\\\end{array}
What is the maximum amount they can use as interest expense in calculating itemized deductions for the current year?


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The societal influences that affect individuals' behaviors, attitudes, and actions within a community or society.

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