A taxpayer has a mortgage with a total value of $1,500,000 and a home equity loan of $250,000, both of which were finalized in TY2016. The total interest paid during the year was $54,000 for the mortgage and $9,000 for the home equity loan. The home equity loan was used to purchase personal property. What amount of these interest totals can be deducted in TY2023?

Answer rating: 100% (QA)

For tax year 2023 the taxpayer can deduct 54000 of the interest paid on their mortgage but ... View the full answer