Solved: Interest deduction for the tax years, Accounting Basics

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Interest deduction for the tax years

Problem: Mike and Sally Card file a joint return for the 2010 tax year. Their adjusted gross income is $65,000 and they incur the following interest expenses:

Qualified educations loans: $3,500
Personal Loan: $1,000
Home Mortgage Loan: $4,000
Loan used to purchase a variety of stocks, bonds,
and securities: $15,000

Investment income and related expenses amount to $7,000 and $500, respectively. What is Mike and Sally's interest deduction for the 2010 tax years?

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