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On January 2, Year 1, the Philips paid $50,000 cash and obtained a $200,000 mortgage to purchase a home. In Year 4 they borrowed $15,000 secured by their home, and used the cash to add a new room to their residence. That same year they took out a $5,000 auto loan.The following information pertains to interest paid in Year 4:
For Year 4, how much interest is deductible, prior to any itemized deduction limitations?
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