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Itemized Deductions Schedule-A

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Old 12-03-2017, 10:16 AM
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Line of Credit loan

We took a line of credit loan for 150,000 and used it to pay credit card debt. The interest on that loan was 7,500. How much of that is tax deductible ? Everywhere I've read says that it is 100% deductible at 100,000. Do I use claim 5,000 of that?

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