Patricia purchased a home on January 1, 2017 for $1,420,000 by making a down payment of $100,000 and financing the remaining $1,320,000 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 $79,200. What amount of the $79,200 interest expense Patricia paid during 2018 may she deduct as an itemized deduction
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Patricia purchased a home on January 1, 2017 for $1,420,000 by making a down payment of $100,000 and...
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