Last year, Dan paid $1,200 of interest on credit card debt, $15,400 of interest on his home mortgage, $800 of interest on money borrowed to invest in common stock, and $4,000 of interest on a car loan. How much interest may he normally deduct on his federal income tax return?

Answer rating: 100% (QA)

The interest that can be deducted on a federal income tax return depends on what the interest was fo... View the full answer