D) $50,000 36. Rocky pays the following interest expenses during the year: ome m

Question

D) $50,000 36. Rocky pays the following interest expenses during the year: ome mortgage interest on personal residence $9,00 redit card interest on personal purchases Interest on loans used to purchase investments (Net investment income is $3,000) Interest on loans used for a business conducted as a sole proprietorship Interest on a credit card used exclusively in the business 50 3,400 4,800 58 What is the amount of interest expense that can be deducted as an itemized deduction? A) $9,500 B) $12,400 C) $12,900 D) $17,700

Explanation / Answer

17700 all intt other than intt on credit card used exclusively for business not to be included as that is related to business rather than personal expenses that are included in deduction.

Related Questions

Navigate

• Browse (All)
• Browse D
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.