This year Randy paid $28,450 of interest on his residence. (Randy borrowed $456,000 to buy his residence, which is currently worth $506,000.) Randy also paid $2,650 of interest on his car loan and $4,425 of margin interest to his stockbroker (investment interest expense). How much of this interest expense can Randy deduct as an itemized deduction under the following circumstances?

This year Randy paid $28,450 of interest on his residence. (Randy borrowed $456,000 to buy his residence, which is currently worth $506,000.) Randy also paid $2,650 of interest on his car loan and $4,425 of margin interest to his stockbroker (investment interest expense). How much of this interest expense can Randy deduct as an itemized deduction under the following circumstances?

SWFT Comprehensive Vol 2020

43rd Edition

ISBN:9780357391723

Author:Maloney

Publisher:Maloney

Chapter6: Deductions And Losses: In General

Section: Chapter Questions

Problem 25DQ

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