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Douglas and Dena paid the following amounts of interest during the current year: Qualified home mortgage interest $14,000 Other consumer interest $5,000 Investment interest $10,000
Douglas and Dena paid the following amounts of interest during the current year:
Qualified home mortgage interest $14,000
Other consumer interest $5,000
Investment interest $10,000 (no investment income)
a. Calculate the amount of their allowable deduction for investment interest for the current year.
b. Calculate the amount of Douglas and Dena's total allowable deduction for interest for the current year.
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