12 ook Required information Problem 6-42 (LO 6-2) (Algo) [The following information applies to the questions displayed below] This year Randy paid $31,150 of interest on his residence. (Randy borrowed $492,000 to buy his residence, which is currently worth $542,000) 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? Problem 6-42 Part-a (Algo) a. Randy received $3,040 of interest this year and no other investment income or expenses. His AGI is $75,000. rences Interest deductible