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Rob and Nina, a married couple, received an investment income of $14,000 (Form 1099-INT) from interest and dividends. They invested by borrowing stock against their brokerage account and paid margin interest of $16,000 during the year. Additionally, they paid $12,000 of home mortgage interest, $3,000 of interest on a $50,000 home equity loan for a new room, $4,500 of credit card interest, and $2,000 of automobile loan interest. They have no other tax-exempt investments. What amount of interest deductions can they report on their 2023 tax return after limitations? a) $29,000 b) $37,500 c) $15,000 d) $31,000
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