Jerry and Elaine own a home that has a fair market value of $250,000 on which they have a mortgage of $190,000. They took out an $80,000 home equity loan and used the proceeds to buy a new boat. Interest paid on the home equity loan in the current tax year (after 2017) is $2,200. What amount of the home equity loan is eligible for the interest paid on it to be deductible as an itemized deduction? Group of answer choices $ 0 $40,000 $60,000 $80,000