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?

The deductible interest expense is $22,000.

Explanation:

Margaret Lindley paid $15,000 of interest on her $300,000 acquisition debt for her home (fair market value of $500,000).

She paid $4,000 of interest on her $30,000 home-equity loan.  

She also paid $1,000 of credit card interest and $3,000 of margin interest for the purchase of stock.

Margaret Lindley has $10,000 of interest income this year and no investment expenses.  

The deductible interest expense

= $15,000 + $4,000 + $3,000

= $22,000

The interest on credit cards is not deductible as it is a personal interest.

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muslims control the north africa during the period of 1500 up

to 1800. they made a barrier to prevent further european exploration from

entering the africa from the north. however, the dutch ware still able to move

toward the interior with having south africa as one of the routes leading to

the east for trading with asia.