​Which of the Following Types of Interest Are Not Likely

question 44

Multiple Choice

​Which of the following types of interest are not likely to be deductible in 2015?

• A)​Interest on personal credit cards
• B)​Interest on a $40,000 home equity line used to buy a car
• C)​Interest on a $150,000 mortgage on a principle residence
• D)​Private mortgage insurance premiums
• E)​All of the above are likely to be deductible

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Definitions:

Geegaws

Ornamental objects of no substantial value, often considered trinkets or gadgets.

Doodads

Informal term for small objects or gadgets, often of little value and used for decoration or trivial purposes.

Competitive Market

A market structure characterized by a large number of buyers and sellers, free entry and exit, and products that are close substitutes, leading to price determination by supply and demand.

Coconuts

Tropical fruits with a hard outer shell and milky interior, known for their versatility in food products and industrial uses.