Veronica and Manny Dunn, married taxpayers, obtained a mortgage in the amount of $550,000 in January of 2023 when they purchased their house in Chatsworth. In December of the same year, Veronica and Manny took out a home equity loan for $80,000. They used the funds to pay for a year long around the world trip to celebrate their 50th anniversary. What is the maximum loan amount on which the Dunns can deduct interest?

Answer rating: 100% (QA)

To determine the maximum loan amount on which the Dunns can deduct interest we need to consider the ... View the full answer