The interest paid on Josephine Young's personal residence for the year 2018 totals ($ 4,800); the interest

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The interest paid on Josephine Young's personal residence for the year 2018 totals \(\$ 4,800\); the interest paid on her personal credit card is \(\$ 80\); the interest paid on a note to the National Bank ( \(3 / 4\) 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 2019 Comprehensive Topics

ISBN: 9780808049081

2019 Edition

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

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