3. The Bear family paid the following amounts for interest during the year. The Bear...
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3. The Bear family paid the following amounts for interest during the year. The Bear Cave was purchased in a prior year and the Bear family refinanced to a 15-year mortgage on March 1. Qualified mortgage interest on (home) Bear Cave (Form 1098) *** Loan indebtedness $450,000; FMV $500,000 I $ 28,000 Home equity loan interest (proceeds to fund family vacation) Auto loan interest (financed at car dealership) Margin interest to stockbroker (investment interest expense) Credit card interest Calculate the Bear's interest expense deduction (based on HW 30): Investment interest earned $2,200. | 1,100 2,500 4,200 800 
3. The Bear family paid the following amounts for interest during the year. The Bear Cave was purchased in a prior year and the Bear family refinanced to a 15-year mortgage on March 1. Qualified mortgage interest on (home) Bear Cave (Form 1098) 28,000 Loan indebtedness $450,000; FMV $500,000 I Home equity loan interest (proceeds to fund family vacation) Auto loan interest (financed at car dealership) Margin interest to stockbroker (investment interest expense) Credit card interest 1,100 2,500 4,200 800 Calculate the Bear's interest expense deduction (based on HW 30): Investment interest eamed $2,200
3. The Bear family paid the following amounts for interest during the year. The Bear Cave was purchased in a prior year and the Bear family refinanced to a 15-year mortgage on March 1. Qualified mortgage interest on (home) Bear Cave (Form 1098) *** Loan indebtedness $450,000; FMV $500,000 I $ 28,000 Home equity loan interest (proceeds to fund family vacation) Auto loan interest (financed at car dealership) Margin interest to stockbroker (investment interest expense) Credit card interest Calculate the Bear's interest expense deduction (based on HW 30): Investment interest earned $2,200. | 1,100 2,500 4,200 800
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