QUESTION 25 Margaret Lindley paid $15,000 of interest on her $300,000 acquisition debt for her home (fair market value of $500,000), $4,000 of interest on her $60,000 home-equity debt used to buy a new boat and car, $1,000 of credit card interest, and $5,000 of interest expense for the purchase of stock. Assume that Margaret Lindley has $4,000 of interest income this year. How much of the interest expense may she deduct this year? $23,000 $22,000 $19,000 $18,000 None of the choices are correct.

Margaret Lindley paid $15,000 of interest on her $300,000 acquisition debt for her home (fair market value of $500,000 ), $4,000 of interest on her $60,000 home-equity debt used to buy a new boat and car, $1,000 of credit card interest, and $5,000 of interest expense for the purchase of stock. Assume that Margaret Lindley has $4,000 of interest income this year. How much of the interest expense may she deduct this year? $23,000$22,000$19,000$18,000 None of the choices are correct