Elaine is an executive for a large pharmaceutical company and is required to travel to england frequently for business. on january 1, 2020, she bought a residence in north carolina and a cottage in england. her acquisition indebtedness is $700,000 for both residences and during 2020 she paid interest of $28,000. in addition, she placed a home equity loan of $100,000 on her north carolina residence, which she used to buy furniture, a new car, clothing, and travel. the interest relative to the home equity loan was $6,000. elaine had credit card interest of $3,000 and paid service fees on several accounts of $400. what is elaine's deduction for interest in 2020