In 2006,Ross,who Is Single,purchased a Personal Residence for $170,000 and Took

question 145

Essay

In 2006,Ross,who is single,purchased a personal residence for $170,000 and took out a mortgage of $100,000 on the property.In May of the current year,when the residence had a fair market value of $220,000 and Ross owed $70,000 on the mortgage,he took out a home equity loan for $110,000.He used the funds to purchase a BMW for himself and a Lexus SUV for his wife.For both vehicles,100% of the use is for personal activities.What is the maximum amount on which Ross can deduct home equity interest?

---

Definitions:

Cytoplasmic Extensions

Projections from the cell body which include structures like axons and dendrites in neurons, allowing for cell communication and interaction.

Osteocytes

Mature bone cells that maintain bone tissue and are embedded in the bone matrix.

Foramen

A natural opening or passage, especially in bone, through which nerves and blood vessels may pass.

Fissure

A deep, narrow, elongated cleft or groove on the surface of an organ or tissue.