Question: Mike and Sally Card file a joint return for the 2010 tax year. Their AGI is $65,000 and they incur the following interest expenses: Qualified

Mike and Sally Card file a joint return for the 2010 tax year. Their AGI is $65,000 and they incur the following interest expenses:
Qualified education loans ................ $3,500
Personal loan ..................... 1,000
Home mortgage loan .................. 4,000
Loan used to purchase a variety of stocks, bonds, and securities. $15,000
Investment income and related expenses amt to $7,000 and $500 respectively. What is Mike and Sally's interest deduction for the 2010 tax year?

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