1. In order to be able to deduct mortgage interest on a primary residence, the person claiming the deduction must have some kind of an ownership interest in the property; and must be legally obligated on the mortgage loan; and the loan must be secured by a recorded mortgage or deed of trust; and the person claiming the deduction must have actually paid the interest to the lender. T/F
2. A home-owner who uses his home strictly for personal use during the year can claim a deduction for depreciation expense on his Schedule A Itemized Deductions. T/F
3. Bob bought a home in 2018 for $2,300,000, making a $300,000 down payment and getting an acquisition mortgage loan in the amount of $2,000,000. His interest rate is a flat 6% per annum, and is interest-only. For 2018 tax year, Bob gets a Form 1098 from the lender, showing he paid $120,000 in mortgage-interest expense. Bob had $300,000 in Adjusted Gross Income for 2019. Bob will be able to deduct the full $120,000 in mortgage interest on the home, on his Schedule A for 2019. T/F