This year Randy paid $31,600 of interest on his residence. (Randy borrowed $498,000 to buy his residence, which is currently worth $548,000.) Randy also paid $3,700 of interest on his car loan and $6,000 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 $3,160 of interest this year and no other investment income or expenses. His AGI is $75,000. Interest deductible

This year Randy paid $31,600 of interest on his residence. (Randy borrowed $498.000 to buy his residence, which is currently worth $548,000.) Randy also paid $3,700 of interest on his car loan and $6,000 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 $3,160 of interest this year and no other investment income or expenses. His AGI is $75,000