Brendon owns a rental property. He paid $2,500 in mortgage interest from January through March,...
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Brendon owns a rental property. He paid $2,500 in mortgage interest from January through March, 2022, at which time his loan was paid in full. On April 1, he took out a new mortgage on the property for $100,000. He spent $75,000 on a variety of renovations and updates to the property. The other $25,000 was used to pay his personal credit card debt. From April through December, he paid $8,000 in mortgage interest on the property. What is Brendon's allowable deduction for mortgage interest? 1. $2,500 2. $4,500 3. $8,500 4. $10,500
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