Patrick purchased a home on January 1, year 2018 for $600,000 by making a down...
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Patrick purchased a home on January 1, year 2018 for $600,000 by making a down payment of $100,000 and financing the remaining S500,000 with a 30-year loan, secured by the residence, at 6 percent. During 2018, Patrick made interest-only payments on the loan of $30,000. On July 1, 2018, when his home was worth S600,000 Patrick borrowed an additional $75,000 secured by the home at an interest rate of 8 percent. During 2018, he made interest only payments on s loan n the amoun53 oo what amount of 53 O interest expense Patrick paid during 2018 may he deduct as an itemized deduction if he used the $75,000 from the July 1 loan to purchase a car? Multiple Choice $0 $3,000 $30,000. $33,000
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