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

question 40

Essay

This year,Benjamin Hassell paid $20,000 of interest on a mortgage on his home (Benjamin borrowed $600,000 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).How much interest expense can Benjamin deduct as an itemized deduction?

---

Definitions:

Closed-ended Questions

These are specific questions that can only be answered with a "Yes," "No," or another very specific response, limiting the respondent's range of answers.

Seek Concreteness

The pursuit of specificity and clarity in communication or understanding, avoiding vagueness or abstraction.

Explore Feelings

involves examining, identifying, and discussing emotions to gain a deeper understanding of oneself or others.

Facilitate Discussion

To facilitate discussion means to make it easier for a group to engage in conversation, often by guiding the process and encouraging participation from all members.