Solution-What amount of the interest expense Patricia paid

What amount of the interest expense Patricia paid

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Question - Patricia purchased a home on January 1, 2017, for $1,230,000 by making a down payment of $100,000 and financing the remaining $1,130,000 with a loan, secured by the residence, at 6 percent. From 2017 through 2019, Patricia made interest-only payments on the loan each year in the amount of $67,800. What amount of the $67,800 interest expense that Patricia paid during 2019 may she deduct as an itemized deduction?

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What amount of the interest expense Patricia paid

Reference no: EM132533536

Reference no: EM132533536

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