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:

Highly Contagious Patient

A patient who has an infectious disease that can be easily transmitted to others through direct contact or airborne particles.

Medical Office

A facility where doctors and other medical professionals provide health care services.

Examination Room

A designated space within a healthcare facility where patients are examined by medical professionals.

Computer Workstation

A designated area equipped with a computer and other necessary peripherals, designed for use while working.