Margaret Lindley paid $15,000 of interest on her $300,000 acquisition debt for her home (fair market...
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. How much of the interest expense may she deduct this year?
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$23,000.
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$22,000.
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$19,000.
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$18,000.
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None of the choices are correct.
Homework Answers
| Interest on home acquisition debt | 15,000 |
| Interest on home equity loan | 4,000 |
| Margin interest fir purchase of stock | 3,000 |
| Deductible interest expense | 22,000 |
Option B is the answer
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