(TCO H) Al and Amy file a joint return for the 2007 tax year. Their adjusted gross income is $80,000. They had net investment income of $9,000. In 2007, they had the following interest expenses: Personal credit card interest $4,000; Home mortgage interest $8,000; and Investment interest (on loans used to buy stocks) $10,000. What is Al and Amy’s interest deduction for the 2007 tax year? ( 1- $17,000 2- $8,000 3- $12,000 4- 18,000 (TCO B) Charitable contribution deductions for Capital Gains Property made by individuals without a reduction for long-term capital gains to public charities are limited to: 1- 50% of AGI 2- 40% of AGI 3- 30% of AGI 4- 20% of AGI (TCO A) The following taxes were paid by Tim: Real estate taxes on his home: $1,000; State income taxes: $900; and State gasoline tax (personal use of automobile): $150. In itemizing his deductions, what is the amount that Tim may claim as a deduction for taxes? 1- $2,000 2- $3,050 3- $0 4- $1,900
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