Teri pays the following interest expenses during the year: Home mortgage interest on personal residence...
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Accounting
Teri pays the following interest expenses during the year: Home mortgage interest on personal residence $8,500 Credit card interest on personal purchases 550 Interest on loans used to purchase investments (Net investment income is $2,000) 2,400 Interest on loans used for a business conducted as a sole proprietorship 3,800 Interest on a credit card used exclusively in the business 470 What is the amount of interest expense that can be deducted as an itemized deduction? A) $10,500 B) $10,900 C) $14,300 D) $14,700
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