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How much interest expense can major healy deduct

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Reference no: EM13514939

Major Healy paid $40,000 of interest on a mortgage on his home (Major Healy borrowed $800,000 to buy the residence and it is currently worth $1,000,000), $6,000 on a $120,000 home equity loan on his home (loan proceeds were used to buy antique cars), and $10,000 of interest on a mortgage on his vacation home (loan of $200,000; home purchased for $500,000). Major Healy's AGI is $220,000.

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

b. Assume the original facts, except that Major Healy's home had a fair market value of $1,000,000 when he purchased the home and took out the home equity debt, but now the home is worth $500,000. How much interest expense can Major Healy deduct as an itemized deduction?

Reference no: EM13514939

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