Business, 19.03.2020 08:31 drowzy67

Tyrone and Akira, who are married, incurred and paid the following amounts of interest during 2018:

Home acquisition debt interest $15,000
Credit card interest 5,000
Home equity loan interest (used for home improvement) 6,500
Investment interest expense 10,000

With 2018 net investment income of $2,000, calculate the amount of their allowable deduction for investment interest expense and their total deduction for allowable interest. Home acquisition principal, and the home equity loan principal combined are less than $750,000.

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