Order the answer to: Donna bought her home several years ago for $200,000. She

Custom Writings law-business-law Order the answer to: Donna bought her home several years ago for $200,000. She

law-business-law

Order the answer to: Donna bought her home several years ago for $200,000. She

Question Donna bought her home several years ago for $200,000. She paid $20,000 down on the purchase and borrowed the remaining $180,000. When the home is worth $280,000 and the balance on the mortgage is $120,000, she borrows $110,000 using a home equity loan. She uses the proceeds of the loan to acquire a new car, pay off some credit card debt, and pay her children’s tuition at a private school. She pays $12,600 in interest on the home equity loan. Identify the tax issue(s) posed by the facts presented. Determine the possible tax consequences of each issue that you identify.
Subject law-business-law
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