Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. mark for follow upquestion 28 ?of 40.in 2020, ?nie

Mark for follow upQuestion 28 ?of 40.In 2020, ?Niesha purchased her princlpal residence for $450,000....

70.2K

Verified Solution

Question

Accounting

Mark for follow up
Question 28 ?of 40.
In 2020, ?Niesha purchased her princlpal residence for $450,000. ?On January 15, 2023, ?when she owed $380,000 ?on the original mortgage, she took out a home equity loan. In January 2023 , ?then fair market value of the home was $490,000. ?The home equity loan proceeds were used to purchase a new car and pay off credit cards. It was not used to bulld, buy, or improve her home. During the year, she paid $6,200 ?in interest on her first mortgage and $1,580 ?in interest on the home equity loan. What amount of mortgage interest can Niesha deduct on her Schedule A
(Form 104
$1,580
$4,620
$6,200
$7,780
Mark for follow up
image

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students