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Required information

Problem $6-44($LO $6-2)($Algo$)$

$[$The following information applies to the

questions displayed below.$]$

This year Randy paid $$30,100$ of interest on his

residence. $($Randy borrowed $$478,000$ to buy

his residence, which is currently worth

$$528,000.)$ Randy also paid $$3,200$ of interest

on his car loan and $$5,250$ of margin interest to

his stockbroker $($investment interest expense$).$

How much of this interest expense can Randy

deduct as an itemized deduction under the

following circumstances?

Problem $6-44$ Part$-$a $($Algo$)$

a$.$ Randy received $$2,760$ of interest this year and no other

investment income or expenses. His AGI is $$75,000.$

Interest deductible b$.$ Randy had no investment income this year, and his AGI is $$75,000$