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decreased in value to $300,000. At that point, Taxpayer A defaulted on the loan. The bank sold the house for $300,000. The balance on the

  1. decreased in value to $300,000. At that point, Taxpayer A defaulted on the loan. The bank sold the house for $300,000. The balance on the mo
  2. wn 10% and the balance on the mortgage at the time of default was $330,000.

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