Question

Which of the following types of interest is not deductible? Select one: a. None of these...

Which of the following types of interest is not deductible?

Select one:

a. None of these

b. Credit card interest

c. All of the above

d. Qualified mortgage interest on second residence

e. Qualified mortgage interest on residence

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Homework Answers

Answer #1

Ans:

Interest expense on qualified mortgage interest on residence and second residence both are deductible as per eligibligy. But Credit card interest is not allowable expense because credit cards expenses are of personal nature expense and interest on personal expesne are not deductible becuase personal expenses itself are not an deductible expense.

So correct answer is option B.

Credit Card Interest.

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