Took a $500,000 mortgage to purchase a main home with a fair market value of $800,000.
February 2022: Took out a home equity loan of $25,000 to put on the main home. Both loans are secured.
What percentage of the interest paid on the loans is deductible on the tax return?
a) 0%
b) 50%
c) 75%
d) 100%