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

question 55

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). How much interest expense can Benjamin deduct as an itemized deduction?

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Definitions:

Pessimistic Attributional Styles

A tendency to habitually explain negative events with causes that are stable, global, and internal.

Internal Validity

The extent to which a research study provides evidence that a causal relationship exists between the variables tested, without influence from external factors.

External Validity

How much the outcomes of a research can be extrapolated to different contexts and different people.

Loss And Emptiness

Feelings of profound sadness and void resulting from experiencing a significant loss or absence in one's life.