Lionel is an unmarried law student at State University Law School, a qualified educational institution. This year Lionel borrowed $30,000 from County Bank and paid
Lionel is an unmarried law student at State University Law School, a qualified educational institution. This year Lionel borrowed $30,000 from County Bank and paid interest of $1,800. Lionel used the loan proceeds to pay his law school tuition. Calculate the amounts Lionel can deduct for interest on higher-education loans under the following circumstances:
a. Lionel's AGI before deducting interest on higher-education loans is $50,000.
Deductible interest expense:
b. Lionel's AGI before deducting interest on higher-education loans is $90,000.
Deductible interest expense:
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Authors: Hanson Arthur Warren, Arthur W. Hanson
1st Edition
1406753351, 978-1406753356
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