What amount is deductible for renee

Reference no: EM131970508

Problem

Renee paid $4,000 in mortgage interest on a $110,000 mortgage that was taken out when she bought her home several years ago. She also has a home equity loan of $130,000 that she used to pay for a cruise around the world. The interest on the home equity loan was $8,000. What amount is deductible for Renee?

Reference no: EM131970508

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