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Dale purchased his principal residence in Year 1 for $350,000. In April Year 3, Dale...

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Accounting

Dale purchased his principal residence in Year 1 for $350,000. In April Year 3, Dale borrowed $60,000 and secured the debt with his residence. The fair market value of the home in April Year 3 was $295,000. He used $50,000 of the proceeds to purchase an automobile and $10,000 to pave his driveway. The balance on the original mortgage was $250,000. Dale may deduct the interest associated with how much of the home equity indebtedness? Group of answer choices $100,000 $0 $60,000 $10,000

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