Which of the following interest expenses incurred by Trent is treated as personal interest expense and,therefore,not deductible as an itemized deduction?
A)Interest expense on personal credit cards.
B)Bonds purchased with accrued interest.
C)Interest on a home mortgage acquired in 2012.
D)Interest expense incurred by a partnership in which Trent is a limited partner.

Question

Quizplus · Accepted Answer

Interest expense on personal credit cards is considered personal interest expense and is not deductible as an itemized deduction. The interest on bonds purchased with accrued interest, interest on a home mortgage, and interest expense incurred by a partnership can be deductible as itemized deductions in certain circumstances.

Which of the Following Interest Expenses Incurred by Trent Is