This year Randy paid $28,000 of interest. Randy also paid $2,500 of interest on his car loan and $4,200 of margin interest to his stockbroker . How much of this interest expense can Randy deduct as an itemized deduction under the following circumstances?
a. Randy received $2,200 of interest this year and no other investment income or expenses. His AGI is $75,000.Interest Deductible $
b. Randy had no investment income this year, and his AGI is $75,000.Interest Deducttible $.