Patricia purchased a home on January 1, 2017 for $1,360,000 by making a down payment of $100,000 and financing the remaining $1,260,000 with a 30- year loan, secured by the residence, at 6 percent. During year 2017 and 2018, Patricia made interest-only payments on the loan of $75,600. What amount of the $75,600 interest expense Patricia paid during 2018 may she deduct as an itemized deduction? (Assume not married filing separately.) Multiple Choice $0. $15,600. $60,000. $75,600.
Patricia purchased a home on January 1, 2017 for $1,360,000 by making a down payment of $100,000 and financing the remaining $1,260,000 with a 30- year loan, secured by the residence, at 6 percent. During year 2017 and 2018, Patricia made interest-only payments on the loan of $75,600. What amount of the $75,600 interest expense Patricia paid during 2018 may she deduct as an itemized deduction? (Assume not married filing separately.) Multiple Choice $0. $15,600. $60,000. $75,600.
Chapter3: Income Sources
Section: Chapter Questions
Problem 97IIP
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ISBN:
9780357109731
Author:
Hoffman
Publisher:
CENGAGE LEARNING - CONSIGNMENT