Interest expense on personal residence 10000. compute mikes, Ask an Expert

Accounting

Mike, single, age 31, had the following items for 2010:

Salary $42,000
Nonbusiness bad debt ($4,500)
Casualities - independent events
Asset A (personal use property held for 2 years)gain $2,000
Securities (stolen) loss ($5,000)
Dividends $1,000
Interest expense on personal residence $10,000

Compute Mike's taxable income for 2010

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M965838

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