Question: On December 1 , 2 0 2 4 , Krest, a self - employed cash - basis taxpayer, borrowed $ 2 0 0 , 0

On December 1,2024, Krest, a self-employed cash-basis taxpayer, borrowed $200,000 to use in her business. The loan was to be repaid on November 30,2025. Krest paid the entire interest amount of $24,000 on December 1,2024. What amount of interest was deductible on Krest's 2024 income tax return?
$22,000
$24,000
$0
$2,000
On December 1 , 2 0 2 4 , Krest, a self -

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