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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The Answer of 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?

Lebron Taylor Purchased a Home on July 1,year 1 for $500,000.Lebron