Douglas and Dena paid the following amounts of interest during 2013:
$\begin{array}{lr}
\text { Qualified home mortgage interest } & \$ 13,000 \
\text { Other consumer interest } & \$ 5,000 \
\text { Investment interest } & \$ 10,000
\end{array}$ no investment income)
a.Calculate the amount of their allowable deduction for investment interest for 2013.
b.Calculate the amount of Douglas and Dena's total allowable deduction for interest for 2013.

Question

Douglas and Dena paid the following amounts of interest during 2013:
 $\begin{array}{lr}
\text { Qualified home mortgage interest } & \$ 13,000 \
\text { Other consumer interest } & \$ 5,000 \
\text { Investment interest } & \$ 10,000
\end{array}$ no investment income) 
a.Calculate the amount of their allowable deduction for investment interest for 2013.
b.Calculate the amount of Douglas and Dena's total allowable deduction for interest for 2013.

Quizplus · Accepted Answer

The Answer of Douglas and Dena paid the following amounts of interest during 2013:
 $\begin{array}{lr}
\text { Qualified home mortgage interest } & \$ 13,000 \
\text { Other consumer interest } & \$ 5,000 \
\text { Investment interest } & \$ 10,000
\end{array}$ no investment income) 
a.Calculate the amount of their allowable deduction for investment interest for 2013.
b.Calculate the amount of Douglas and Dena's total allowable deduction for interest for 2013.

Douglas and Dena Paid the Following Amounts of Interest During