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

Qualified education loans 3500
Personal Loan 1000
Home mortgage loan 4000
Loan used to purchase
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.:- M990131

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