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Investment income and related expenses amount to 7000 and

Question - Mike and Sally Card file a joint return for the 2010 tax year. The adjusted gross income is $65,000 and they incur the following interest expenses:

Qualified education loans3500

Personal Loan1000

Home mortgage loan4000

Loan used to purchase

Stocks, bonds, and securities..15,000

Investment income and related expenses amount to 7,000 and 500 respectively. What is Mike and Sallys interest deduction for the 2010 tax year?

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Accounting Basics: Investment income and related expenses amount to 7000 and

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