Greg Grove pays $50,000 interest in 2020 on his mortgage on his principal residence. It has an interest rate of 4 percent and balance of $1,250,000 during the year. He took out the mortgage in 2019. How much of this interest is deductible on Greg’s tax return for 2020?

 

Answer rating: 100% (QA)

Solution Assuming Greg is filing his return individually Acc... View the full answer