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    Explain interest expense deduction on Form 1040

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    Mike and Sally Card file a joint return for the 2010 tax year. Their adjusted gross income is $65,000 and they incur the following interest expenses:
    Qualified educations loans: $3,500
    Personal Loan: $1,000
    Home Mortgage Loan: $4,000
    Loan used to purchase a variety of stocks, bonds,
    and securities: $15,000

    Investment income and related expenses amount to $7,000 and $500, respectively. What is Mike and Sally's interest deduction for the 2010 tax years?

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    https://brainmass.com/business/accounting/interest-deduction-married-people-filing-joint-return-368733

    Solution Preview

    You can deduct investment interest (limited to your net investment income), qualified residence interest and ...

    Solution Summary

    Provides steps necessary to file a joint return.

    $2.19

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