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Required information [The following information applies to the questions displayed below.) This year, Randy paid $30,400 of interest on his residence. (Randy borrowed $482,000 to
Required information [The following information applies to the questions displayed below.) This year, Randy paid $30,400 of interest on his residence. (Randy borrowed $482,000 to buy his residence, and it is currently worth $532,000.) Randy also paid $3,300 of interest on his car loan and $5,400 of margin interest to his stockbroker (investment interest expense). How much of this interest expense can Randy deduct as an itemized deduction under the following circumstances? a. Randy received $2,840 of interest this year and no other investment income or expenses. His AGI is $75,000. Interest deductible b. Randy had no investment income this year, and his AGI is $75,000. Interest deductible
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