Essay
This year, Benjamin Hassell paid $17,250 of interest on a mortgage on his home (Benjamin borrowed $575,000 in 2015 to buy the residence and it is currently worth $920,000), $13,600 on a $170,000 home-equity loan on his home, and $11,400 of interest on a mortgage on his vacation home (loan of $380,000; home purchased for $480,000 in 2016; home is not rented out at any time). How much interest expense can Benjamin deduct as an itemized deduction?
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