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Miller owns a personal residence with a fair market value of $237,800 and an outstanding first mortgage of $190,240, which was used entirely to acquire
Miller owns a personal residence with a fair market value of $237,800 and an outstanding first mortgage of $190,240, which was used entirely to acquire the residence. This year, Miller gets a home equity loan of $11,890 to purchase a new fishing boat for personal use. How much of this mortgage debt is treated as qualified residence indebtedness? $fill in the blank 1
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