This Year, Benjamin Hassell Paid $20,000 of Interest on a Mortgage

question 57

Essay

This year, Benjamin Hassell paid $20,000 of interest on a mortgage on his home (Benjamin borrowed $600,000 in 2015 to buy the residence and it is currently worth $1,000,000), $12,000 on a $150,000 home-equity loan on his home, and $10,000 of interest on a mortgage on his vacation home (loan of $300,000; home purchased for $400,000 in 2016; home is not rented out at any time). How much interest expense can Benjamin deduct as an itemized deduction?

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Definitions:

Gender

The range of characteristics, including roles, expectations, identity, and cultural significance, associated with being male, female, or non-binary.

Voter Participation

The level of engagement or turnout by eligible voters in the electoral process, affecting the representativeness and legitimacy of the elected government.

Gender Gap

The difference in opinions or behaviors between genders, often used to describe variances in voting patterns, pay, or social roles.

Framing

The process of presenting or structuring information, especially in media and communication, in a way that influences the perception of the audience.