Suppose a person had $10,000 in a savings account in the bank. He didn't deposit or withdraw a penny from it for an entire year.
At the begiining of the new year this person wanted to deduct the interest he received to give it away.
So he obtained an updated bank statement, and saw that each month $1 was withdrawn (as taxes), and $10 were added (as interest). The current balance is $10,110.
Now here's the question, should he remove any cent above the $10,000 he originally put in (that would be $110) OR should he add up all the interest money regardless of his balance and taxes (that would be $120)?
Please does anyone know the answer???
At the begiining of the new year this person wanted to deduct the interest he received to give it away.
So he obtained an updated bank statement, and saw that each month $1 was withdrawn (as taxes), and $10 were added (as interest). The current balance is $10,110.
Now here's the question, should he remove any cent above the $10,000 he originally put in (that would be $110) OR should he add up all the interest money regardless of his balance and taxes (that would be $120)?
Please does anyone know the answer???