In 2020, Montel paid $3,500 in interest on automobiles, $1,500 interest on credit cards, $4,000 interest on a home equity line of credit, and $16,000 interest on a $500,000 loan used to acquire a 45-foot SeaRay boat which he uses as his principal residence. How much can Montel deduct as an itemized deduction for interest in 2020?

In 2020, Montel paid $3,500 in interest on automobiles, $1,500 interest on credit cards, $4,000 interest on a home equity line of credit, and $16,000 interest on a $500,000 loan used to acquire a 45-foot SeaRay boat which he uses as his principal residence. How much can Montel deduct as an itemized deduction for interest in 2020?

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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