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Required information [The following information applies to the questions displayed below.] This year. Randy paid...

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Accounting

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Required information [The following information applies to the questions displayed below.] This year. Randy paid $28,000 of interest on his residence. (Randy borrowed $450,000 to buy his residence, and it is currently worth $500,000.) Randy also paid $2.500 of interest on his car loan and $4,200 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 $2,200 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. ht Interest deductible ences

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