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 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 education for the 2010 tax year?

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M990187

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