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elmer owns a large home in memphis he uses as a his principal residence. he also owns a second residence on the gulf coast. the

elmer owns a large home in memphis he uses as a his principal residence. he also owns a second residence on the gulf coast. the principal mortgage on his memphis home was originally obtained on june 1, 2012 and has a current balance of $850,000. on how much indebtedness may interest expense be claimed

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