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

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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 expenses. Qulaified education loans 3,500, personal loans 1,000, home mortgage loan 4,000, loans 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 deductions for 2010 tax year?

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Accounting Basics, Accounting

Category:- Accounting Basics
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