Business, 25.11.2021 14:10 kaysavage7674

Margaret Lindley paid $15,050 of interest on her $300,500 acquisition debt for her home (fair market value of $500,500), $4,050 of interest on her $30,050 home-equity debt used to buy a new boat and car, $1,050 of credit card interest, and $3,050 of margin interest for the purchase of stock. Assume that Margaret Lindley has $10,050 of interest income this year and no investment expenses. Required:
How much of the interest expense may she deduct this year?

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Margaret Lindley paid $15,050 of interest on her $300,500 acquisition debt for her home (fair market...

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