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A taxpayer purchased property in Virginia that he rents out. He bought the property 10 years ago for $150,000, he uses it as a rental

A taxpayer purchased property in Virginia that he rents out. He bought the property 10 years ago for $150,000, he uses it as a rental property and placed it in service the year purchased. He has $80,000 outstanding mortgage. For the deduction of propety, is the value 150,000 or 150,000-80000 since they still have that amount of outstanding mortgage? Thanks

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