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In 2020, Ashley purchases her first home and incurs acquisition indebtedness of $625,000 associated with the property. She pays interest of $42,000 and points of $4,000 on this acquisition indebtedness.
Later in the year, Ashley also purchased a boat (used for recreational purposes) for $400,000 using a home equity loan of $250,000 on her principal residence (and $150,000 of personal funds). Ashley paid $16,000 of interest and $2,000 in points on this home equity debt this year.
Problem A) How much of this interest pertaining to the acquisition indebtedness and home equity debt is deductible by Ashley?
Problem B) How much of this interest would be deductible if Ashley had utilized the home equity debt of $250,000 to improve her personal residence by repairing the roof?
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