During 2017 Heather paid the following interest charges: Home mortgage ( acquisi

Question

During 2017 Heather paid the following interest charges:

Home mortgage ( acquisition indebtedness less than $1,000,000)              $7200

On personal loan to purchased furniture                                                           800

On credit cards                                                                                                  1200

If Heather itemizes his deductions for 2017 , the amount deductible as interest expense is :

a) $8400

b) 9200

c) 8000

d)7200

e) None of the above.

Explanation / Answer

THE ANSWER IS D. $7,200

The reason is

You can deduct interest you paid on a debt, such as for a mortgage or student loan.

You CANNOT deduct:

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