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  3. this year, major healy paid $40,000 of interest on

This year, Major Healy paid $40,000 of interest on a mortgage on his home (he...

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Accounting

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This year, Major Healy paid $40,000 of interest on a mortgage on his home (he borrowed $800,000 to buy the tesidence in 2015 $900,000 original purchase price and value at purchase), $6,000 of interest on a $120,000 home equity loan on his home (loan proceeds wero used to buy antique cars), and $10,000 of interest on a mortgage on his vacotion home (borrowed $200,000 to. purchase the home in 2010. home purchased for \$500,000). Mojor Healy's AGi is \$220,000. How much interest expense can Major Healy deduct as an itemized deduction

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