Tom,whose MAGI Is $40,000,paid $3,500 of Interest on a Qualified

question 77

True/False

Tom,whose MAGI is $40,000,paid $3,500 of interest on a qualified student loan in 2014.Tom is single.He may deduct the $3,500 interest as an itemized deduction.

---

Definitions:

Necessity

A term that can refer to a state of being required or indispensable, or, in legal terms, a defense that asserts an act was done out of a need to prevent a greater harm.

Grant Deeds

A legal document used to transfer ownership of real property from the seller (grantor) to the buyer (grantee).

Bargain and Sell

A term used in real estate and contract law to refer to a type of conveyance or transfer of property ownership, often without the formalities of a traditional sale.

Convey

To transfer or deliver title, interest, or property from one person to another through a deed or other document.