Homework Answers
Part A
Interest deduction is limit is up to $1 million of acquisition debt for acquiring main home and one other home. Thus, from two vacation homes, Hemphills will select the one with higher interest. Therefore,
Hemphills’ home mortgage interest deduction = 8330+23443= $31773
Part B
In case, Hemphills can only deduct interest on the acquisition debt for acquiring the one of the vacation homes. Thus, from two vacation homes, Hemphills will select the one with higher interest. Therefore,
Hemphills’ home mortgage interest deduction = $23443
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