What is the interest deduction for bob for the 2012 tax year

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Reference no: EM131139729

Question:-

Bob filed a single return for the 2012 tax year. His adjusted gross income is $80,000. He had net investment income of $9,000. In 2012, he had the following interest expenses:

• Personal credit card interest: $4,000
• Home mortgage interest: $8,000
• Qualified mortgage insurance premiums: $1,500
• Investment interest (on loans used to buy stocks): $10,000

What is the interest deduction for Bob for the 2012 tax year?

Reference no: EM131139729

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