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Which of the following interest expenses are deductible on a federal income tax return? Interest on personal loan $4,000 Interest on a personal car loan
Which of the following interest expenses are deductible on a federal income tax return?
Interest on personal loan | $4,000 |
Interest on a personal car loan | 2,000 |
Interest on a home mortgage | 9,000 |
Interest on a home equity loan used to pay off credit cards | 3,000 |
Total interest expenses | $18,000 |
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