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What is the interest deduction for gary and tracy

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Reference no: EM132043255

Question - Gary and Tracy file a joint return for the 2012 tax year. Their adjusted gross income is $65,000. They had net investment income of $9,000. In 2012, they had the following interest expenses.

• Personal credit card interest: $3,000

• Home mortgage interest: $8,000

• Interest paid on qualified education loans: $2,000

• Investment interest (on loans used to buy stocks): $10,000

What is the interest deduction for Gary and Tracy for the 2012 tax year?

$19,000

$8,000

$12,000

$18,000

Reference no: EM132043255

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