Valeria owns a home worth $1,400,000,with a mortgage balance of $1,050,000.She borrows $200,000 to purchase a speedboat,using a home equity loan.What is the total amount of debt on which Valeria can deduct interest in the current year?

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D)The maximum amount of indebtedness on which a taxpayer may deduct qualified residence interest is $1,100,000 if the individual has $100,000 or more in equity in the property.

Valeria Owns a Home Worth $1,400,000,with a Mortgage Balance of $1,050,000.She