Solution-What amount interest expense Patricia paid

What amount interest expense Patricia paid

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Question - Patricia purchased a home on January 1, 2017 for $1,280,000 by making a down payment of $100,000 and financing the remaining $1,180,000 with a 30-year loan, secured by the residence, at 6 percent. During year 2017 and 2018, Patricia made interest-only payments on the loan of $70,800. What amount of the $70,800 interest expense Patricia paid during 2018 may she deduct as an itemized deduction?

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What amount interest expense Patricia paid

Reference no: EM132532431

Reference no: EM132532431

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