Fran Paid the Following Amounts of Interest During 2018 Calculate the Amount of Fran's Interest Deduction for 2018

question 31

Short Answer

Fran paid the following amounts of interest during 2018: $$\begin{array} { l r } \text { Qualified home mortgage interest } & \$ 7,000 \\\text { Automobile loan interest } & \$ 500 \\\text { Qualified interest on second residence } & \$ 5,000 \\\text { Credit card interest } & \$ 300\end{array}$$ Calculate the amount of Fran's interest deduction for 2018.

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Definitions:

High Risk

Involving a great possibility of experiencing harm or loss.

Elderly

Refers to individuals, typically of age 65 and older, often considered senior citizens or older adults within a society.

Threat Level

A measure or assessment of the potential danger or risk posed by a specific situation, individual, or entity.

Mother-In-Law

The mother of one's spouse, often a key figure in familial relationships and dynamics.