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Business, 25.02.2020 03:27 jayjay5246

Melvin owns his home and has a $200,000 mortgage related to his purchase of the residence. In the fall of the current year, he borrows $40,000 on credit cards for college costs for his two sons. The interest expense on the mortgage is $15,000 and the interest expense on the credit cards is $6,000. How much of the interest is deductible as an itemized deduction and why?

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Melvin owns his home and has a $200,000 mortgage related to his purchase of the residence. In the fa...

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