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Margaret Lindley paid $15,180 of interest on her $301,800 acquisition debt for her home (fair market value of $501,800), $4,180 of interest on her $30,180
Margaret Lindley paid $15,180 of interest on her $301,800 acquisition debt for her home (fair market value of $501,800), $4,180 of interest on her $30,180 home-equity loan, $1,180 of credit card interest, and $3,180 of margin interest for the purchase of stock. Assume that Margaret Lindley has $10,180 of interest income this year and no investment expenses. How much of the interest expense may she deduct this year?
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