​Which of the Following Types of Interest Are Not Likely

question 141

Multiple Choice

​Which of the following types of interest are not likely to be deductible in 2016?

• 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:

Past Progress

The achievements or advancements made in the past, often used as a benchmark for current and future developments or improvements.

Reflecting Feelings

A counseling technique that involves echoing the emotions of a client to validate their feelings and promote understanding.

Overshooting

Exceeding a target or expected outcome, often referring to economic indicators or personal goals.

Undershooting

The failure to achieve a targeted goal or objective, often resulting in outcomes that fall short of expectations.