Patricia purchased a home on January 1, 2017, for $1,200,000 by making a down payment of $100,000 and financing the remaining $1,100,000 with a loan, secured by the residence, at 6 percent. From 2017 through 2019, Patricia made interest-only payments on the loan each year in the amount of $66,000. What amount of the $66,000 interest expense that Patricia paid during 2019 may she deduct as an itemized deduction? (Assume not married filing separately.)

A. $66,000.
B. $6,000.
C. $60,000.
D. $0.


Answer: C

Business

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