Renee paid 4000 in mortgage interest on a 110000 mortgage, Accounting Basics

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Renee paid 4000 in mortgage interest on a 110000 mortgage

Problem

Renee paid $4,000 in mortgage interest on a $110,000 mortgage that was taken out when she bought her home several years ago. She also has a home equity loan of $130,000 that she used to pay for a cruise around the world. The interest on the home equity loan was $8,000. What amount is deductible for Renee?

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Accounting Basics: Renee paid 4000 in mortgage interest on a 110000 mortgage

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