Margaret Lindley paid $15,030 of interest on her $300,300 acquisition debt for her home (fair market value of $500,300) , $4,030 of interest on her $30,030 home-equity loan, $1,030 of credit card interest, and $3,030 of margin interest for the purchase of stock. Assume that Margaret Lindley has $10,030 of interest income this year and no investment expenses. How much of the interest expense may she deduct this year?
A) $23,120
B) $22,090
C) $19,060
D) $18,060
E) None of the choices are correct.
Correct Answer:
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