Mr. and Mrs. Khan paid interest on their mortgage this year. They also had deductible home related expenses. The interest and ex

Question

2 years ago

7

Mr. and Mrs. Khan paid interest on their mortgage this year. They also had deductible home related expenses. The interest and ex

penses total an amount greater than the standard deduction. Which action can they take to reduce their income tax liability?
A) They can use the interest expense as a credit to reduce the tax they owe.

B) They can itemize deductions and deduct the interest expense.

C) They can request a reimbursement of the interest expense from the IRS.

D) They can add the interest expense to the taxable income.

E) They can reduce their mortgage payment next year by the amount of Interest they paid.

Mathematics

2 answers: