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gene owns his own home, which he bought several years ago. his original mortgage which was used to buy the house is $150,000, in the
gene owns his own home, which he bought several years ago. his original mortgage which was used to buy the house is $150,000, in the current year, he obtains a home equity loan on the house of $90,000. the interest on the original mortgage is $15,000 and on the new loan is $10,000. the fair market value of the house is $325,000. how much of this interest is deductible as qualified residence interest
a 0
b $10,000
c $15,000
d $25,000
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