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Quinn, a tax accountant in San Jose, CA, purchased a fixer-upper home on February 1, 2020 for $1,500,000. He put down 20% and financed the
Quinn, a tax accountant in San Jose, CA, purchased a fixer-upper home on February 1, 2020 for $1,500,000. He put down 20% and financed the remainder at an interest rate of 4% per year with a local bank. The loan is secured with a lien on the home. How much interest expense can Quinn deduct on his 2020 Schedule A (enter your answer in whole dollar without $, but with a comma.)?
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