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Alex files a tax return for the 2010 tax year his adjusted

Question - Alex files a tax return for the 2010 tax year. His adjusted gross income is $50,000. He had a net investment income of $9,000.

In 2010, he had the following interest expenses.

Personal credit card interest: $4,000

Home mortgage interest: $8,000

Investment interest (on loans used to buy stocks): $15,000

What is the interest deduction for Alex for the 2010 tax year?

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Accounting Basics: Alex files a tax return for the 2010 tax year his adjusted

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Prepared by a verified Expert

Accounting Basics: Alex files a tax return for the 2010 tax year his adjusted

Reference No:- TGS02709228

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