The interest paid on Josephine Young's personal residence for the year 2019 totals $4,800; the interest paid

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The interest paid on Josephine Young's personal residence for the year 2019 totals

$4,800; the interest paid on her personal credit card is $80; the interest paid on a note to the National Bank (44 of which was used to buy state and municipal bonds, the rest to buy stock) is $1,000. If she has interest income of $2,000, what is Josephine’s total interest deduction for the year?

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CCH Federal Taxation Basic Principles 2020

ISBN: 9780808051787

2020 Edition

Authors: Ephraim P. Smith, Philip J. Harmelink, James R. Hasselback

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