David, a single taxpayer, took out a mortgage on his home for $$300,000$ nine years ago. In August of this year, when the home had a fair market value of $$550,000$ and he owed $$225,000$ on the mortgage, he took out a home equity loan for $$350,000.$ David used the funds to purchase a yacht to be used for recreational purposes. What is the maximum amount of debt on which he can deduct home equity interest?

$$ $$50,000$

$$100,000$

$$325,000$

$$350,000$

David, a single taxpayer, took out a mortgage on his home for $$300,000$ nine years ago. In August of this year, when the home had a fair market value of $$550,000$ and he owed $$225,000$ on the mortgage, he took out a home equity loan for $$350,000.$ David used the funds to purchase a yacht to be used for recreational purposes. What is the maximum amount of debt on which he can deduct home equity interest?

$$ $$50,000$

$$100,000$

$$325,000$

$$350,000$

David, a single taxpayer, took out a mortgage on his home for $$300,000$ nine years ago. In August of this year, when the home had a fair market value of $$550,000$ and he owed $$225,000$ on the mortgage, he took out a home equity loan for $$350,000.$ David used the funds to purchase a yacht to be used for recreational purposes. What is the maximum amount of debt on which he can deduct home equity interest?

$$ $$50,000$

$$100,000$

$$325,000$

$$350,000$

David, a single taxpayer, took out a mortgage on his home for $$300,000$ nine years ago. In August of this year, when the home had a fair market value of $$550,000$ and he owed $$225,000$ on the mortgage, he took out a home equity loan for $$350,000.$ David used the funds to purchase a yacht to be used for recreational purposes. What is the maximum amount of debt on which he can deduct home equity interest?

$$ $$50,000$

$$100,000$

$$325,000$

$$350,000$

David, a single taxpayer, took out a mortgage on his home for $$300,000$ nine years ago. In August of this year, when the home had a fair market value of $$550,000$ and he owed $$225,000$ on the mortgage, he took out a home equity loan for $$350,000.$ David used the funds to purchase a yacht to be used for recreational purposes. What is the maximum amount of debt on which he can deduct home equity interest?

$$ $$50,000$

$$100,000$

$$325,000$

$$350,000$

David, a single taxpayer, took out a mortgage on his home for $$300,000$ nine years ago. In August of this year, when the home had a fair market value of $$550,000$ and he owed $$225,000$ on the mortgage, he took out a home equity loan for $$350,000.$ David used the funds to purchase a yacht to be used for recreational purposes. What is the maximum amount of debt on which he can deduct home equity interest?

$$ $$50,000$

$$100,000$

$$325,000$

$$350,000$

David, a single taxpayer, took out a mortgage on his home for $$300,000$ nine years ago. In August of this year, when the home had a fair market value of $$550,000$ and he owed $$225,000$ on the mortgage, he took out a home equity loan for $$350,000.$ David used the funds to purchase a yacht to be used for recreational purposes. What is the maximum amount of debt on which he can deduct home equity interest?

$$ $$50,000$

$$100,000$

$$325,000$