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Henry Huffle paid $50,000 for his home. He still has $25,000 left to pay on the debt he incurred to buy the house. The
Henry Huffle paid $50,000 for his home. He still has $25,000 left to pay on the debt he incurred to buy the house. The fair market value of the house is now $70,000. Henry took out a $1,000 home equity loan secured by the home to pay off some credit card bills. During 2022, he paid $1,750 interest on the original mortgage and $50 interest on the home equity loan. How much home mortgage interest may Henry deduct? A. $0 B. $50 C. $1,750 D. $1,800
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