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goldenfox [79]
3 years ago
9

Patricia purchased a home on January 1, 2017 for $1,420,000 by making a down payment of $100,000 and financing the remaining $1,

320,000 with a 30-year loan, secured by the residence, at 6 percent. During year 2017 and 2018, Patricia made interest-only payments on the loan of $79,200. What amount of the $79,200 interest expense Patricia paid during 2018 may she deduct as an itemized deduction
Business
1 answer:
Oksana_A [137]3 years ago
6 0

Answer: $60,000

Explanation:

The maximum amount deductible is based on a mortgage of $1,000,000 and the interest rate of the mortgage being paid.

Interest on $1,000,000 at 6% is:

= 6% * 1,000,000

= $60,000

<em />

<em>Only $60,000 of the $79,200 may be deducted. </em>

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