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Calculate the amount lionel can deduct for interest on loans

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Reference no: EM132061528

Question - Lionel is an unmarried law student at State University Law School, a qualified educational institution. This year Lionel borrowed $24,000 from County Bank and paid interest of $1,440. Lionel used the loan proceeds to pay his law school tuition. Calculate the amount Lionel can deduct for interest on higher education loans. Lionel's AGI before deducting interest on higher education loans is $71,000.

Reference no: EM132061528

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