Investment income and related expenses amount to 7000 and, Ask an Expert

Accounting

Mike and Sally Card file a joint return for the 2010 tax year.

Their adjusted gross income is $65,000 and they incur the following interest expenses:

Qualified education loans......................... $3,500
Personal loan............................................... 1,000
Home mortgage loan................................. 4,000
Loan used to purchase a variety of
stocks, bonds, and securities................. 15,000

Investment income and related expenses amount to $7,000 and $500, respectively. What is Mike and Sally's interest deduction for the 2010 tax year?

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9401282

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