Miller owns a personal residence with a fair market value of $303,950 and an outstanding first mortgage of $243,160, which was used entirely to acquire the residence. This year, Miller gets a home equity loan of $15,198 to purchase a new fishing boat for personal use. How much of this mortgage debt is treated as qualified residence indebtedness?
Miller owns a personal residence with a fair market value of $303,950 and an outstanding first mortgage of $243,160, which was used entirely to acquire the residence. This year, Miller gets a home equity loan of $15,198 to purchase a new fishing boat for personal use. How much of this mortgage debt is treated as qualified residence indebtedness?
SWFT Essntl Tax Individ/Bus Entities 2020
23rd Edition
ISBN:9780357391266
Author:Nellen
Publisher:Nellen
Chapter17: Business Tax Credits And The Alternative Minimum Tax
Section: Chapter Questions
Problem 28P
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Transcribed Image Text:Miller owns a personal residence with a fair market value of $303,950 and an outstanding first mortgage of $243,160, which was used
entirely to acquire the residence. This year, Miller gets a home equity loan of $15,198 to purchase a new fishing boat for personal use.
How much of this mortgage debt is treated as qualified residence indebtedness?
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