The taxpayer's home has a FMV of $700000 . the current balance on their mortgage loan is
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Question:
The taxpayer's home has a FMV of $700000 . the current balance on their mortgage loan is $500000 the taxpayer taxes out a home equity loan to purchase the following items. which of the following items is considered an unsecured election for purpose of deducting mortgage interest ?
a) home equity loan , secured by the home , taken out to build a pool house , bar, and an inground pool . the loan amount is $200000
b)home equity loan takeout to purchase a prefabricated garage and a new truck. the loan is secured by the garage and truck . the loan amount is $175000
c)home equity loan taken out to purchase a boat as a vacation home (meets all qualifications)and to build a garage at his home . the loan is secured by the home and is $150000
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