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Al and Amy file a joint return for the 2007 tax year. Their adjusted gross income is $80,000. They had net investment income of $9,000. In 2007, they had the following interest expenses:
Personal credit card interest $4,000
Home mortgage interest $8,000
Investment interest (on loans used to buy stocks) $10,000
What is the interest deduction for Al and Amy for the 2007 tax year?
a-$17,000
b-$8,000
c-$12,000
d-$18,000
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