Question

Last year, Jacques paid the following interest:

Interest on home mortgage $7,300

Interest on loan to purchase furniture for personal residence $1,000

Interest on a loan used to purchase State of Louisiana general purpose bonds $1,800

If Jacques itemizes his deductions for last year, what is the amount of deductible interest expense?

$7,300

$8,300

$9,100

$10,100

Answer 1

Option A

($7,300)

Both interest on loan to purchase furniture for personal residence and interest on loan used to purchase state of Louisiana general purpose bonds are non deductible