Business, 15.04.2020 18:29 jkenkw4667

This year, Major Healy paid $35,750 of interest on a mortgage on his home (he borrowed $715,000 to buy the residence in 2015; $815,000 original purchase price and value at purchase), $5,500 of interest on a $110,000 home equity loan on his home (loan proceeds were used to buy antique cars), and $8,250 of interest on a mortgage on his vacation home (borrowed $165,000 to purchase the home in 2010; home purchased for $412,500). Major Healy’s AGI is $220,000. How much interest expense can Major Healy deduct as an itemized deduction?

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This year, Major Healy paid $35,750 of interest on a mortgage on his home (he borrowed $715,000 to b...

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