In 2018, Bogart paid $20,000 of interest on a mortgage on his home (Bogart borrowed $600,000...

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In 2018, Bogart paid $20,000 of interest on a mortgage on hishome (Bogart borrowed $600,000 in 2015 to buy this primaryresidence and it is currently worth $1,000,000). In 2018 Bogartalso paid $12,000 of interest on a $150,000 home equity loan on hishome, and $10,000 of interest on a mortgage on his vacation home(loan of $300,000; home purchased for $400,000 in 2016). How muchinterest expense can Bogart deduct as an itemized deduction in2018?

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Ans As Per the Provisions of the United States tax law Itemized deductions are eligible expenses that can be claimed by Individual Taxpayer on their Federal income tax returns Itemized Deductions for the year 2018 See Answer

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