Patricia purchased a home on January 1,year 1 for $1,200,000 by making a down payment of $100,000 and financing the remaining $1,100,000 with a 30-year loan,secured by the residence,at 6 percent.During year 1,Patricia made interest-only payments on the loan of $66,000.What amount of the $66,000 interest expense Patricia paid during year 1 may she deduct as an itemized deduction?

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The Answer of Patricia purchased a home on January 1,year 1 for $1,200,000 by making a down payment of $100,000 and financing the remaining $1,100,000 with a 30-year loan,secured by the residence,at 6 percent.During year 1,Patricia made interest-only payments on the loan of $66,000.What amount of the $66,000 interest expense Patricia paid during year 1 may she deduct as an itemized deduction?

Patricia Purchased a Home on January 1,year 1 for $1,200,000