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Which is true about sallys mortgage interest deduction

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Reference no: EM132502545

Problem 1: In 2018, Sally purchases a home by taking out a $400,000 mortgage. Six months later, she takes out a home equity loan of $100,000 on that same house to buy a new car and pay off her credit cards. Which of the following is true about Sally's mortgage interest deduction?

  • could the correct answer be Mortgage interest on the home equity loan of $100,000 is deductible on Schedule A?
  • or Mortgage interest on the first mortgage of $400,000 is deductible on Schedule A?

Reference no: EM132502545

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