Required Information The Following Information Applies To The Questions Displayed Below This Year Randy Paid 31 000 1 (18.76 KiB) Viewed 13 times
Required information [The following information applies to the questions displayed below.] This year Randy paid $31,000 of interest on his residence. (Randy borrowed $490,000 to buy his residence, which is currently worth $540,000.) Randy also paid $3,500 of interest on his car loan and $5,700 of margin interest to his stockbroker (investment interest expense). How much of this interest expense can Randy deduct as an itemized deduction under the following circumstances?
a. Randy received $3,000 of interest this year and no other investment income or expenses. His AGI is $75,000. Interest deductible
b. Randy had no investment income this year, and his AGI is $75,000. Interest deductible
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