Alexi's bought a home for $1,000,000 during year 1. She made a $200,000 down payment and...

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Accounting

Alexi's bought a home for $1,000,000 during year 1. She made a$200,000 down payment and financed the other $800,000. This home isher only residence. Assume that by year 10 her home had appreciatedto $1,5000,000 and the balance on her mortgage was down to$600,000, interest rates had gone down and Alexis refinanced herhome. She borrowed $1,000,000 and paid off her first mortgage. Sheused the remaining $400,000 for projects unrelated to her home. Howmuch is her qualifying home-related debt for tax purposes?
The country its been taxed on is irrelevant

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Qualifying homerelated debt for tax purposes requirements are Interest on a mortgage for your main home The property can be a house coop apartment condo mobile home house trailer or a houseboat The home has to See Answer

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