Mike and Sally Card file a joint return for the 2010 tax year
Mike and Sally Card file a joint return for the 2010 tax year. The adjusted gross income is $65,000 and they incur the following interest expenses:
Qualified education loans3500
Home mortgage loan4000
Loan used to purchase
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 year?