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Miller owns a personal residence with a fair market value of $262,100 and an outstanding...

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Miller owns a personal residence with a fair market value of $262,100 and an outstanding first mortgage of $209,680, which was used entirely to acquire the residence. This year, Miller gets a home equity loan of $13,105 to purchase a new fishing boat. How much of this mortgage debt is treated as qualified residence indebtedness? $ 275, 205 X Feedback Check My Work The Supreme Court has defined interest as compensation for the use or forbearance of money. The general rule permits a deduction for interest paid or accrued within the taxable year on indebtedness

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