Business, 07.03.2020 00:23 cjsboardinghouse

Margaret Lindley paid $15,000 of interest on her $300,000 acquisition debt for her home (fair market value of $500,000), $4,000 of interest on her $30,000 home-equity loan, $1,000 of credit card interest, and $3,000 of margin interest for the purchase of stock. Assume that Margaret Lindley has $10,000 of interest income this year and no investment expenses.
Required:
a. How much of the interest expense may she deduct this year?

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Margaret Lindley paid $15,000 of interest on her $300,000 acquisition debt for her home (fair market...

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