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Business, 03.05.2021 20:20 samanthasheets8006

Lebron Taylor purchased a home on July 1, year 1 for $500,000. Lebron paid for the entire purchase price with cash. In July of year 1, Lebron needed additional cash for purposes unrelated to his home so he took out a home equity loan for $150,000. During year 2, he made interest only payments of $4,500 on the loan. What amount of the $4,500 interest expense can Lebron deduct in year 2

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