Answer:
Answer:
The nterest expense can major healy deduct as an itemized deduction is $55,000.
Explanation:
total interest expense = interest on mortgage home + interest on mortgage vacation home
= $40,000 + $10,000
= $50,000
total amount of mortgage pf major healy = $800,000 + $200,000
= $1,000,000
the acquisition debt does not exceed $1,000,000 so he can deduct $40,000 mortgage interest on his home and $10,000 mortgage interest on his vacation home.
interest on home equity loan = 6,000
interest on home equity load = [home equity debt limit/home equity load]*interest on home equity load
= [100000/120000]*6000
= $5,000
Therefore, The nterest expense can major healy deduct as an itemized deduction is $55,000.
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