This year, major healy paid $35,000 of interest on a mortgage on his home (he borrowed $700,000 to buy the residence in 2015; $800,000 original purchase price and value at purchase), $5,250 of interest on a $105,000 home equity loan on his home (loan proceeds were used to buy antique cars), and $7,500 of interest on a mortgage on his vacation home (borrowed $150,000 to purchase the home in 2010; home purchased for $375,000). 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 $35,000 of interest on a mortgage on his home (he borrowed $700,000 to b...
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