Jerry and Elaine own their own home that has a fair market value of $250,000...
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Accounting
Jerry and Elaine own their own 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?
- $0
- $40,000
- $60,000
- $80,000
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