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What is mike and sally interest deduction

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Reference no: EM132288958

Question - Mike and Sally Card file a joint return for the 2018 tax year. Their adjusted gross income is $65,000 and they incur the following interest expenses: Qualified education loans $3,500, Personal loan 1,000, Home mortgage loan 4,000, Loan used to purchase a variety of 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 2018 tax year?

Reference no: EM132288958

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