Investment income-related expenses

Reference no: EM13121727

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 Sallys interest deduction for the 2010 tax year?

Reference no: EM13121727

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