Required information The following information applies to the questions displayed below. This year Randy paid...
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Required information The following information applies to the questions displayed below. This year Randy paid $31,150 of interest. (Randy borrowed $555,000 to buy his residence, which is currently worth $657,500.) Randy also paid $3,550 of interest on his car loan and $5,775 of margin interest to his stockbroker (investment interest expense). How much of this interest expense can Randy deduct as an itemized deduction under the following circumstances? a. Randy received $2,725 of interest this year and no other investment income or expenses. His AGI is $75,000 Interest deductible
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