Business, 24.10.2019 04:00 mervesena01
This year randy paid $28,000 of interest. (randy borrowed $450,000 to buy his residence, which is currently worth $500,000.) randy also paid $2,500 of interest on his car loan and $4,200 of margin interest to his stockbroker (investment interest expense). how much of this interest expense can randy deduct as an itemized deduction under the following circumstances?
a. randy received $2,200 of interest this year and no other investment income or expenses. his agi is $75,000.
interest deductible $
b. randy had no investment income this year, and his agi is $75,000.
interest deducttible $
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This year randy paid $28,000 of interest. (randy borrowed $450,000 to buy his residence, which is cu...
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