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Show work please. Tommy and Laura, married taxpayers, had the following loan debts in 2021: Mortgage on primary residence signed 2018 $500,000 Home equity loan

Show work please.
Tommy and Laura, married taxpayers, had the following loan debts in 2021: Mortgage on primary residence signed 2018 $500,000 Home equity loan (proceeds used to by a 35,000 new car) signed 2020 Mortgage on second home signed 2019 240,000 Home equity loan on second home 65,000 (proceeds used for home improvement) signed 2021 a. What is the maximum amount of debt on which they can deduct home equity interest? $805,000 b. $565,000 C. $740,000 d. $750,000

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