Akule paid the following amounts of interest in 2017: $150 on his personal credit card
$9,500 on his home mortgage
$750 on a personal car loan,which was not used for business
$350 on funds borrowed to purchase tax-exempt securities
What is his deductible interest for 2017?
A)$350.
B)$1,250.
C)$9,500.
D)$9,850.

Question

Quizplus · Accepted Answer

The deductible interest for Akule in 2017 is $9,500, which is the amount paid on his home mortgage. Interest on personal credit cards, personal car loans not used for business, and funds borrowed to purchase tax-exempt securities are not deductible.

Akule Paid the Following Amounts of Interest in 2017: $150