Expense for the mortgage interest on schedule, Accounting Basics

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Expense for the mortgage interest on schedule

Question: Molly purchased a rental property for $500,000 with a $350,000 mortgage loan. For the first year of the loan the interest amounts to $15,000. If Molly's rental property produces $50,000 in rental income for the year, she can take a deduction as expense for the mortgage interest on Schedule E for what amount? A. $0 B. $5,000 C. $10,000 D. $15,000

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Accounting Basics: Expense for the mortgage interest on schedule

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