This Year, Benjamin Hassell Paid $17,250 of Interest on a Mortgage

question 73

Essay

This year, Benjamin Hassell paid $17,250 of interest on a mortgage on his home (Benjamin borrowed $575,000 in 2015 to buy the residence and it is currently worth $920,000), $13,600 on a $170,000 home-equity loan on his home, and $11,400 of interest on a mortgage on his vacation home (loan of $380,000; home purchased for $480,000 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:

Excitement Stage

A phase of the human sexual response cycle characterized by increased arousal and physical changes, such as erection and lubrication.

Refractory Period

A period immediately following the stimulation during which a nerve or muscle is unresponsive to further stimulation.

Excitement Phase

The initial stage in the human sexual response cycle characterized by physical and emotional sensations of arousal, such as increased heart rate and muscle tension.