Margaret Lindley paid $15,060 of interest on her $300,600 acquisition debt for her home (fair market value of $500,600) , $4,060 of interest on her $30,060 home-equity loan, $1,060 of credit card interest, and $3,060 of margin interest for the purchase of stock. Assume that Margaret Lindley has $10,060 of interest income this year and no investment expenses. How much of the interest expense may she deduct this year?
A) $23,240
B) $22,180
C) $19,120
D) $18,120
E) None of the choices are correct.
Correct Answer:
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