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Test - Annual Federal Tax Refresher (AFTR) (2024) In January of the current year, Roger takes out a...

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Accounting

Test - Annual Federal Tax Refresher (AFTR) (2024) In January of the current year, Roger takes out a $500,000 mortgage to purchase a main home with a fair market value of $2 million. In February of the same year, he takes out $200,000 home equity loan to put an additional on the main home. Both loans are secured by the main home and the total loan don't exceed the cost of the home. During the current year, Roger pays $10,000 interest on the mortgage and $7,000 interest on the home equity loan. How much of the interest is deductible?

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