Mathematics, 23.06.2020 21:01 coombsbob

At the end of 2019, Mark owes $250,000 on the mortgage related to the 2016 purchase of his residence. When his daughter went to college in the fall of 2019, he borrowed $20,000 through a home equity loan on his house to help pay for her education. The interest expense on the main mortgage is $15,000, and the interest expense on the home equity loan is $1,500. How much of the interest is deductible as an itemized deduction?

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At the end of 2019, Mark owes $250,000 on the mortgage related to the 2016 purchase of his residence...