Al and amy file a joint return for the 2007 tax year. their, Ask an Expert

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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

Investment interest (on loans used to buy stocks) $10,000

What is the interest deduction for Al and Amy for the 2007 tax year?

a-$17,000

b-$8,000

c-$12,000

d-$18,000

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9430988

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