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Margaret Lindley paid $15,140 of interest on her $301,400 acquisition debt for her home (fair market...

Margaret Lindley paid $15,140 of interest on her $301,400 acquisition debt for her home (fair market value of $501,400), $4,140 of interest on her $30,140 home-equity loan, $1,140 of credit card interest, and $3,140 of margin interest for the purchase of stock. Assume that Margaret Lindley has $10,140 of interest income this year and no investment expenses. How much of the interest expense may she deduct this year?

  • $19,280.

  • $18,280.

  • $22,420.

  • $23,560.

  • None of the choices are correct.

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Answer #1

Interest on debt - 15140

interest on equity loan - 4140

total interest expenses - 19280

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