Question: Mike and Sally Card file a joint return for the 2020 tax year. Their adjusted gross income is $65,000 and they incur the following interest

Mike and Sally Card file a joint return for the 2020 tax year. Their adjusted gross income 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 amount to $7,000 and $500, respectively. What is Mike and Sallys interest deduction for the 2020 tax year?

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