Which of the Following Types of Interest Are Likely to Be

question 114

Multiple Choice

Which of the following types of interest are likely to be deductible in 2018?

• 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)Interest on a $90,000 home equity line used to pay college tuition
• E)All of the above are likely to be deductible

---

Definitions:

Household Bleach

A common cleaning and disinfecting agent made primarily of sodium hypochlorite, used in homes to sanitize surfaces and fabrics.

Cleaning Surfaces

The act of removing dirt, dust, or other impurities from surfaces to maintain hygiene and reduce the spread of infection.

Owner's Equity

The owner's residual interest in the assets of the company after deducting liabilities, representing the owner's stake in the business.

Total Assets

The sum of all assets, both current and noncurrent, owned by a business.