IN 2018 THE TAXPAYER BORROWED 40,000 THRUGH A HOME EQUITY LOAN AND USED THE MONEY...
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IN 2018 THE TAXPAYER BORROWED 40,000 THRUGH A HOME EQUITY LOAN AND USED THE MONEY FOR PERSONAL EXPENDITURES. TAX PAYER RESIDENCE ACQUIRED IN 1981 AT COST OF 120,000. IN 1991 REFINCED AND EXPENDED 60,000 FOR HOME IMPROVEMENTS.
IN 2018 THE RESIDENCE WAS WORTH 250,000. BALANCE ON RESIDENCE 120,000 WHEN HOME QUITY WAS TAKEN OUT.
INTEREST ON MORTGAGE IS 22,000, INTEREST ON HOME EQUITY 6000. HOW MUCH INTEREST FROM HOME EQUTY LOAN SHOULD BE DEDUCTED AS MORGAGE INTEREST ON TAX RETURN
28,000
22,000
6,000
0
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