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2. Jake is married filing jointly and has AGI in 2018 of $200,000. He wants to know if he should itemize deductions in 2018.
Hias lalu mortgage interest for principal of $1 Million of a mortgage taken out on November 12, 2017. In 2018, Jake paid $13,
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Answer #1

Yes , Jake should itemized deductions and claim $ 35,000 on schedule A in 2018

The deductions Jake can claim :

= $20,000 + $ 10,000 + $ 5,000

= $ 35,000

Note:

1. A tax payer can only claim $ 10,000 as deduction for taxes paid to state or local governments for filling jointly.

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