3a. Assume the taxpayer borrowed $1.5 million to purchase a home on January 1, 2018 at 4% interest.Assume the taxpayer pays only interest and does not repay any of the principal.

Copy and paste instructions on "Limit on loans taken out after December 15, 2017."

3b. Assume the taxpayer is married filing jointly, what is the interest deduction?

4. Refer back to Schedule A, See the small print under Interest You Paid "Caution: Your mortgage interest deduction may be limited (see instructions)."Explain what the IRS means by that statement.Be specific.