In January of the current year, Roger takes out a
$500,000
mortgage to purchase a main home with a fair market value of
$2,000,000
. In February of the same year, he takes out a
$200,000
home equity loan to put an addition on the main home. Both loans are secured by the main home and the total loans do not exceed the cost of the home. During the current year, Roger pays
$10,000
interest on the mortgage and
$7,000
interest on the home equity loan. How much of the interest is deductible? $0
$7,000

Question

In January of the current year, Roger takes out a

$500,000

mortgage to purchase a main home with a fair market value of

$2,000,000

. In February of the same year, he takes out a

$200,000

home equity loan to put an addition on the main home. Both loans are secured by the main home and the total loans do not exceed the cost of the home. During the current year, Roger pays

$10,000

interest on the mortgage and

$7,000

interest on the home equity loan. How much of the interest is deductible? $0

$7,000

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