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?
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?
Chapter8: Taxation Of Individuals
Section: Chapter Questions
Problem 39P
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15. 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?
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