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Miller owns a personal residence with a fair market value of $236,450 and an outstanding...

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Accounting

Miller owns a personal residence with a fair market value of $236,450 and an outstanding first mortgage of $189,160. Miller gets a second mortgage on the residence and in return borrows $11,823 to purchase new jet skis.

Interest on the $ of first and second mortgage debt is treated as qualified residence indebtedness.

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