Question
This year, Major Healy paid $33,500 of interest on a mortgage on his home (he borrowed $670,000 to buy the residence in 2015; $770,000 original
This year, Major Healy paid $33,500 of interest on a mortgage on his home (he borrowed $670,000 to buy the residence in 2015; $770,000 original purchase price and value at purchase), $5,000 of interest on a $100,000 home equity loan on his home (loan proceeds were used to buy antique cars), and $6,000 of interest on a mortgage on his vacation home (borrowed $120,000 to purchase the home in 2010; home purchased for $300,000). Major Healys AGI is $220,000. How much interest expense can Major Healy deduct as an itemized deduction?
Interest Deductible:_________
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