Business, 02.12.2020 17:10 Haddixhouse5273

Margaret Lindley paid $15,040 of interest on her $300,400 acquisition debt for her home (fair market value of $500,400), $4,040 of interest on her $30,040 home-equity loan, $1,040 of credit card interest, and $3,040 of margin interest for the purchase of stock. Assume that Margaret Lindley has $10,040 of interest income this year and no investment expenses. How much of the interest expense may she deduct this year

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Margaret Lindley paid $15,040 of interest on her $300,400 acquisition debt for her home (fair market...

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