coleen paid $15,000 if interest on her $300,000 acquisition debt for her home(fair market value of...
coleen paid $15,000 if interest on her $300,000 acquisition debt for her home(fair market value of $500,000), $4,000 of interest, and $3,000 of interest on the loan for the purchase of stock. Assume that Coleen has $4,00 of interest income this year and no investment expenses. How much of interest expense may she deduct this year?
Homework Answers
| Deductible Interest Expense | Amount$ |
| Interest on acquisition debt for home | 15,000 |
| Interest on home-equity loan | 4,000 |
| Margin interest for the purchase of stock | 3,000 |
| Total Interest expense deductible this year | 22,000 |
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