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This year (2022), Teresa purchased a personal residence at a cost of $950,000. She borrowed $800,000 secured by the home to make the purchase. This
This year (2022), Teresa purchased a personal residence at a cost of $950,000. She borrowed $800,000 secured by the home to make the purchase. This year, she paid interest expense on this mortgage of $40,000. How much mortgage interest may she deduct as an itemized deduction?
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