Business, 25.12.2019 06:31 devo7420

Patricia purchased a home on january 1, year 1 for $1,250,000 by making a down payment of $100,000 and financing the remaining $1,150,000 with a 30-year loan, secured by the residence, at 6%. during year 1, patricia made interest-only payments on the loan of $69,000.what amount of the $69,000 interest expense patricia paid during year 1 may she deduct as an itemized deduction?
a. $63,000
b. $60,000
c. $45,000
d. $66,000

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Patricia purchased a home on january 1, year 1 for $1,250,000 by making a down payment of $100,000 a...