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Business, 25.04.2020 04:07 josephgperez

This year, Carol, a single taxpayer, purchased a vacation home for $400,000 using a home equity loan of $350,000 on her principal residence. She has no other debt on her principal residence. Carol paid $16,000 of interest on the debt this year. How much of this interest is deductible assuming that Carol itemizes her deductions?

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This year, Carol, a single taxpayer, purchased a vacation home for $400,000 using a home equity loan...
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