Question
In 2020, Montel paid $3,500 in interest on automobiles, $1,500 interest on credit cards, $4,000 interest on a home equity line of credit, and $16,000
In 2020, Montel paid $3,500 in interest on automobiles, $1,500 interest on credit cards, $4,000 interest on a home equity line of credit, and $16,000 interest on a $500,000 loan used to acquire a 45-foot SeaRay boat which he uses as his principal residence. How much can Montel deduct as an itemized deduction for interest in 2020?
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A One-Year Accounting Course Part 2
Authors: Trevor Gambling
1st Edition
0080130267, 9780080130262
