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Annual Federal Tax Refresher Course

EXAM

YOU HAVE A MAXIMUM OF $3$ CONTINUOUS HOURS TO COMPLETE THE $100$ QUESTION TEST.

Question $18v$ of $100$

$2h$:$10m$:$11s$

In January of the current year, Roger takes out a $$500,000$ mortgage to purchase a main home with a fair market value of $$2,000,000.$ In February of the same year, he takes out a $$200,000$ home equity loan to put an addition on the main home. Both loans are secured by the main home and the total loans do not exceed the cost of the home. During the current year, Roger pays $$10,000$ interest on the mortgage and $$7,000$ interest on the home equity loan. How much of the interest is deductible?

$$ $$0$

$$7,000$

$$10,000$

$$17,000$

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