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Miller owns a personal residence with a fair market value of $195,000 and an outstanding first mortg

Miller owns a personal residence with a fair market value of $195,000 and an outstanding first mortgage of $157,500. This year, Miller gets a home equity loan of $10,000 to purchase new jet skis.
How much of this mortgage debt is treated as qualified residence indebtedness?
$

 

Apr 19 2020 View more View Less

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