In $2016,$ Sidney and Ruth Silverman borrowed $$100,000$ from a bank pledging their home as

collateral. At the time of the loan the Silverman$$s equity in their home was $$150,000.$ The proceeds

from the loan were used to start their new delicatessen business, Crosby, Stills, and Nosh. They also

used other funds to fully equip the business. Which statement below best describes the tax result of

this home equity loan in tax year $2024?$

a$.$ The interest on the home equity loan is fully deductible because the amount borrowed did

not exceed the Silverman$$s equity in the home used to collateralize the loan.

b$.$ The interest on the home equity loan is fully deductible and reported as an itemized

deduction on Schedule A because the loan agreement was executed before the enactment

of the Tax Cuts and Jobs Act of $2017.$

c$.$ The interest on the home equity loan is not deductible because miscellaneous itemized

deductions have been repealed under the Tax Cuts and Jobs Act of $2017.$

d$.$ The interest on the home equity loan is not deductible because interest on home equity

loans is generally nondeductible in tax year $2024.$