interest deduction

Mike and Sally Card file a joint return for the 2012 tax year. Their adjusted gross income is $65,000 and they incur the following interest expenses:

Qualified Education Loans $3,500

Personal Loan 1,000

Home Mortgage Loan 4,000

Loan used to purchase a variety of 15,000

Stock, bonds, and securities.

Investment income and related expenses amount to $7,000 and $500, respectively. What is Mike and Sally’s interest deduction for the 2012 tax year?

Order Now