Business, 15.07.2019 12:00 sarahidan

Rick and carol ryan, married taxpayers, took out a mortgage of $160,000 when purchasing their home ten years ago. in october of the current year, when the home had a fair market value of $200,000 and they owed $125,000 on the mortgage, the ryans took out a home equity loan for $110,000. they used the funds to purchase a sailboat to be used for recreational purposes. the sailboat does not qualify as a residence. what is the maximum amount of debt on which the ryans can deduct home equity interest

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