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Required information [The following information applies to the questions displayed below] This year, Randy paid $29,050 of interest on his residence. (Randy borrowed $576,000 to
Required information [The following information applies to the questions displayed below] This year, Randy paid $29,050 of interest on his residence. (Randy borrowed $576,000 to buy his residence, which is currently worth $640,000.) Randy also paid $2,850 of interest on his car loan and $4,725 of margin interest to his stockbroker (investment interest expense). How much of this interest expense can Randy deduct as an itemized deducti under the following circumstances? a. Randy received $2,480 of interest this year and no other investment income or expenses. His AGl is $75,000. Interest deductible
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