Douglas and Dena paid the following amounts of interest during the current year: $$\begin{array} { l r }
\text { Qualified home mortgage interest } & \$ 14,000 \
\text { Other consumer interest } & \$ 5,000 \
\text { Investment interest } & \$ 10,000 \
\text { (no investment income) } &
\end{array}$$
a.Calculate the amount of their allowable deduction for investment interest for the current year.
b.Calculate the amount of Douglas and Dena's total allowable deduction for interest for the current year.

Question

Douglas and Dena paid the following amounts of interest during the current year: $$\begin{array} { l r } 
\text { Qualified home mortgage interest } & \$ 14,000 \
\text { Other consumer interest } & \$ 5,000 \
\text { Investment interest } & \$ 10,000 \
\text { (no investment income) } &
\end{array}$$ ​ 
a.Calculate the amount of their allowable deduction for investment interest for the current year.
b.Calculate the amount of Douglas and Dena's total allowable deduction for interest for the current year.

Quizplus · Accepted Answer

The Answer of Douglas and Dena paid the following amounts of interest during the current year: $$\begin{array} { l r } 
\text { Qualified home mortgage interest } & \$ 14,000 \
\text { Other consumer interest } & \$ 5,000 \
\text { Investment interest } & \$ 10,000 \
\text { (no investment income) } &
\end{array}$$ ​ 
a.Calculate the amount of their allowable deduction for investment interest for the current year.
b.Calculate the amount of Douglas and Dena's total allowable deduction for interest for the current year.

Douglas and Dena Paid the Following Amounts of Interest During