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?
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.
Here is the simple answer of how far she gets in 1km, about 0.227 of a kilometer in one minute. If you were to convert kilometers into meters then it would be 227.8 meters in a minute.
