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How much of the interest expense may she deduct

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Question - Margaret Lindley paid $15,110 of interest on her $301,100 acquisition debt for her home (fair market value of $501,100), $4,110 of interest on her $30,110 home-equity debt, $1,110 of credit card interest, and $3,110 of margin interest for the purchase of stock. Assume that Margaret Lindley has $10,110 of interest income this year and no investment expenses. How much of the interest expense may she deduct this year?

Reference no: EM133110829

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