Purchasing which of the following items on credit will help reduce your tax bill?
A) Automobile
B) Home
C) Stereo
D) Boat

Name: Purchasing which of the following items on credit will help reduce your tax bill? A) Automobile B) Home C) Stereo D) Boat
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Question

Quizplus · Accepted Answer

Purchasing a home on credit allows the homeowner to deduct mortgage interest payments from their taxable income, thereby reducing their tax bill. The other items (automobile, stereo, boat) do not offer any tax benefits when purchased on credit.

Purchasing Which of the Following Items on Credit Will Help