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Ahat [919]
3 years ago
5

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?
Mathematics
1 answer:
grandymaker [24]3 years ago
6 0

Answer:

  $15,000

Step-by-step explanation:

The $1500 interest on a home equity loan used for purposes other than home improvement is not deductible with other home loan interest as an itemized deduction.

However, the interest on a loan for qualified educational expenses may be considered an adjustment to income, within limits.

Only the $15,000 main mortgage interest can be an itemized deduction.

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\large{\green}\fcolorbox{purple}{pink}{\bf{\underline{\red{\color{red}Answer}}}}

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