Business, 04.04.2020 10:58 ofuber

This year Randy paid $28,150 of interest. (Randy borrowed $455,000 to buy his residence, which is currently worth $507,500.) Randy also paid $2,550 of interest on his car loan and $4,275 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?a. Randy received $2,200 of interest this year and no other investment income or expenses. His AGI is $75,000.b. Randy had no investment income this year, and his AGI is $75,000.
Interest Deducttible $

Answers: 3

Show answers

Another question on Business

Business, 22.06.2019 15:50

Singer and mcmann are partners in a business. singer’s original capital was $40,000 and mcmann’s was $60,000. they agree to salaries of $12,000 and $18,000 for singer and mcmann respectively and 10% interest on original capital. if they agree to share remaining profits and losses on a 3: 2 ratio, what will mcmann’s share of the income be if the income for the year was $15,000?

Answers: 1

Answer

Business, 22.06.2019 21:10

Ahospital purchases a $500,000 magnetic resonance imaging (mri) machine that has a useful life of 9 years. the salvage value at the end of 9 years is $77,000. (a) write a linear equation that describes the value y (in dollars) of the mri machine in terms of the time t (in years), 0 ≤ t ≤ 9. (b) find the value, in dollars, of the machine after 6 years. $ (c) find the time, in years, when the value of the equipment will be $140,000. (round your answer to two decimal places.) yr

Answers: 2

Answer

Business, 22.06.2019 23:00

To increase sales, robert sends out a newsletter to his customers each month, letting them know about new products and ways in which to use them. in order to protect his customers' privacy, he uses this field when addressing his e-mail. attach bcc forward to

Answers: 2

Answer

Business, 23.06.2019 00:30

An emerging methodology to integrate the effort of the development team and the operations team to improve the functionality and security of applications is known as

Answers: 1

Answer

You know the right answer?

This year Randy paid $28,150 of interest. (Randy borrowed $455,000 to buy his residence, which is cu...

Questions

Engineering, 19.02.2021 03:30

A simple ideal Brayton cycle with air as the working fluid has a pressure ratio of 11. The air enters the compressor at 300K and the turbine at 1200K....

Business, 19.02.2021 03:30

Navistar Electric issued 1000 debenture bonds 2 years ago with a face value of $5,000 each and a bond interest rate of 15% per year payable semiannual...