In 2013 Yankuba purchased a home for $300,000 and took out a mortgage for $270,000....
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Accounting
In 2013 Yankuba purchased a home for $300,000 and took out a mortgage for $270,000. By 2016, his mortgage balance was $185,000 and the value of the home was $260,000. Yankuba took a 90,000 home equity loan on which he incurred a $10,000 interest expense in 2016. How much of the interest on the home equity loan is deductible.
Select one:
a. $7,500
b. $0
c. $10,000
d. $8,333
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