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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