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  3. this year, mr. and mrs. cullen paid $93,000 intere

This year, Mr. and Mrs. Cullen paid $93,000 interest on a mortgage incurred in 2008...

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Accounting

This year, Mr. and Mrs. Cullen paid $93,000 interest on a mortgage incurred in 2008 to build their home in Forks, Washington. The average principal balance of the mortgage was $1.43 million. The home has an appraised FMV of only $1.2 million. Compute the Cullen's itemized deduction for their home mortgage interest.

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