Author Question: Valeria owns a home worth $1,400,000, with a mortgage balance of $950,000. She borrows $200,000 to ... (Read 14 times)

fbq8i · **on:** Sep 13, 2020

Question 1

Valeria owns a home worth $1,400,000, with a mortgage balance of $1,050,000. She borrows $200,000 to purchase a speedboat, using a home equity loan. What is the total amount of debt on which Valeria can deduct interest in the current year?
◦ $1,000,000
◦ $1,150,000
◦ $1,050,000
◦ $1,100,000

Question 2

Valeria owns a home worth $1,400,000, with a mortgage balance of $950,000. She borrows $200,000 to purchase a speedboat, using a home equity loan. What is the total amount of debt on which Valeria can deduct interest in the current year?
◦ $1,000,000
◦ $950,000
◦ $1,050,000
◦ $1,100,000

guyanai · **Reply #1 on:** Sep 13, 2020

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