Business, 13.11.2019 01:31 andrecoral105

This year, major healy paid $40,000 of interest on a mortgage on his home (he borrowed $800,000 to buy the residence in 2015; $900,000 original purchase price and value at purchase), $6,000 of interest on a $120,000 home equity loan on his home (loan proceeds were used to buy antique cars), and $10,000 of interest on a mortgage on his vacation home (borrowed $200,000 to purchase the home in 2010; home purchased for $500,000). 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 $40,000 of interest on a mortgage on his home (he borrowed $800,000 to b...

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