The Parkers purchased their home in January of this year for $85,000 and have a first year mortgage on the home with an original principal amount of $66,500. They expect to incur the following expenses in connection with their home during this calendar year: Real Property Taxes- $681, Homeowner's Insurance Premium- $325, Mortgage Interest- $6,480, Replacement of Roof Shingles-$1,300, Replacement of Carpet-$2,500, Painting Kitchen and Dining Room-$500. Based on this information, the Parker's total tax deduction for this calendar year as a result of home ownership will be:
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The Parkers purchased their home in January of this year for $85,000 and have a first year mortgage...
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