Tyrone and Akira incurred and paid the following amounts of interest during 2014:
Home acquisition debt interest $15,000
Credit card interest 5,000
Home equity loan interest 6,500
Investment interest expense 10,000
With 2014 net investment income of $2,000, calculate the amount of their allowable deduction for investment interest expense and their total deduction for allowable interest. Home acquisition principal is less than $1,000,000, and the home equity loan principle is less than $100,000.