Completion Status: Ross purchased a personal residence in 2010. The current balance of his mortgage in 2021 is $240,000. In late 2021 he took out a home equity loan for $50,000 and used $30,000 of the funds to purchase a car and the other $20,000 of the funds to remodel his kitchen. What is the maximum debt amount on which Ross can deduct interest on his 2021 tax return? O $240,000. $260,000 O $290,000 O $50,000 3 points Saved