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Business, 24.10.2021 22:50 emilyplays474

Margaret paid $15,000 of interest on $300,000 of acquisition debt used to purchase her principal home (fair market value of $500,000), $5,000 of interest on $100,000 of acquisition debt used to purchase a second home (fair market value of $150,000), $1,000 of credit card interest, and $3,000 of margin interest for the purchase of stock. Assume that Margaret has $10,000 of interest income this year and no investment expenses. How much of the interest expense may she deduct this year

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