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Miller owns a personal residence with a fair market value of $195,000 and an outstanding first mortgage of $157,500, which was used entirely to acquire
Miller owns a personal residence with a fair market value of $195,000 and an outstanding first mortgage of $157,500, which was used entirely to acquire the residence. This year, Miller gets a home equity loan of $10,000 to purchase a new fishing boat. How much of this mortgage debt is treated as qualified residence indebtedness
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