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?© BrainMass Inc. brainmass.com June 4, 2020, 12:56 am ad1c9bdddf
You can deduct investment interest (limited to your net investment income), qualified residence interest and ...
Provides steps necessary to file a joint return.