Which of the following interest expenses incurred by Amanda is treated as personal interest expense and, therefore, not deductible as an itemized deduction?
A) Interest expense on personal credit cards.
B) Bonds purchased with accrued interest.
C) Interest on a home mortgage acquired in 2006.
D)Interest expense incurred by a partnership in which Amanda is a limited partner.

Question

Quizplus · Accepted Answer

Interest expense on personal credit cards is considered personal interest and is not deductible as an itemized deduction. The other options involve interest on investments (bonds), real estate (home mortgage), or business (partnership), which may be deductible.

Which of the Following Interest Expenses Incurred by Amanda Is