Fundamentals of Federal Income Taxation

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Question description

Jerry and Elaine own a home that has a fair market value of $250,000 on which they have a mortgage of $190,000. They took out an $80,000 home equity loan and used the proceeds to buy a new boat. Interest paid on the home equity loan in the current tax year is $2,200. What amount of the home equity loan is eligible for the interest paid on it to be deductible as an itemized deduction?

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(Top Tutor) Daniel C.
School: UIUC
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