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QUESTION
P 8-34 Mike and Sally Card file a joint return for the 2010 tax year. The adjusted gross income is $65,000 and they incur the following interest...
P 8-34 Mike and Sally Card file a joint return for the 2010 tax year. The adjusted gross income is $65,000 and they incur the following interest expenses: Qualified education loans 3500 Personal Loan 1000 Home mortgage loan 4000 Loan used to purchase Stocks, bonds, and securities.. 15,000 Investment income and related expenses amount to 7,000 and 500 respectively. What is Mike and Sally s interest deduction for the 2010 tax year?
