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