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Margaret Lindley paid $15,300 of interest on her $300,000 acquisition debt for her home (fair...

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Accounting

Margaret Lindley paid $15,300 of interest on her $300,000 acquisition debt for her home (fair market value of $500,000), $4,600 of interest on her $60,000 home-equity debt used to buy a new boat and car, $1,060 of credit card interest, and $3,120 of margin interest for the purchase of stock. Assume that Margaret Lindley has $10,060 of interest income this year and no investment expenses. How much of the interest expense may she deduct this year?

*

a) $24,080

b) $23,020

c) $19,900

d) $18,420

e) None of the choices are correct

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