Problem 7-58 (LO 7-3) George recently received a great stock tip from his friend, Mason. George didn't have any cash on hand to invest, so he decided to take out a $25,000 loan to facilitate the stock acquisition. The loan terms are 8 percent interest with interest-only payments due each year for five years. At the end of the five-year period the entire loan principal is due. When George closed on the loan on April 1, 2019, he decided to invest $15,000 in stock and to use the remaining $10,000 to purchase a four-wheel recreation vehicle. George is unsure how he will treat the interest paid on the $25,000 loan. In 2019, George paid $1,500 interest expense on the loan. (Hint Visit www.irs.gov and consider IRS Publication 550.) What amount may he deduct as interest in 2019? Deductible interest