How much interest expense can major healy deduct

Assignment Help Accounting Basics
Reference no: EM132234496

Question - This year, Major Healy paid \$33,000 of interest on a mortgage on his home (Major Healy borrowed \$660,000 to buy the residence in 2015; \$760,000 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 \$5,500 of interest on a mortgage on his vacation home (loan of \$110,000; home purchased for \$275,000). Major Healy's AGI is \$220,000.

How much interest expense can Major Healy deduct as an itemized deduction?

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