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How much interest expense can major healy deduct

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Question - This year, Major Healy paid $37,500 of interest on a mortgage on his home (he borrowed $750,000 to buy the residence in 2015; $850,000 original purchase price and value at purchase), $5,750 of interest on a $115,000 home equity loan on his home (loan proceeds were used to buy antique cars), and $10,000 of interest on a mortgage on his vacation home (borrowed $200,000 to purchase the home in 2010; home purchased for $500,000). Major Healy's AGI is $220,000. How much interest expense can Major Healy deduct as an itemized deduction? Interest Deductible?

Reference no: EM132431221

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