What tax issues should Kathleen consider? Explain.
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What tax issues should Kathleen consider? Explain.
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Kathleen pays $3,000 mortgage interest on the home that she and her husband live in. Kathleen and her husband live with Molly, Kathleen’s mother. The title to the home is in Kathleen’s name. However, the mortgage is Molly’s obligation. Kathleen claims Molly as her dependent on her current tax return.
What tax issues should Kathleen consider? Explain.
