Which of the following types of interest are likely to be deductible in 2019?
A)Interest on personal credit cards
B)Interest on a $40,000 home equity line used to buy a car
C)Interest on a $150,000 mortgage on a principle residence
D)Interest on a $90,000 home equity line used to pay college tuition
E)All of these are likely to be deductible

Question

Quizplus · Accepted Answer

Interest on a $150,000 mortgage on a principal residence is likely to be deductible because mortgage interest on a principal residence is generally deductible under IRS rules, up to certain limits. Interest on personal credit cards, home equity lines used for purposes other than improving the home, and other personal interest is not deductible.

Which of the Following Types of Interest Are Likely to Be