This year randy paid 28000 of interest randy also paid 2500, Ask an Expert

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This year Randy paid $28,000 of interest. Randy also paid $2,500 of interest on his car loan and $4,200 of margin interest to his stockbroker . How much of this interest expense can Randy deduct as an itemized deduction under the following circumstances?

a. Randy received $2,200 of interest this year and no other investment income or expenses. His AGI is $75,000.Interest Deductible $

b. Randy had no investment income this year, and his AGI is $75,000.Interest Deducttible $.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9965914

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