Miller owns a personal residence with a fair market value, Financial Accounting

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Miller owns a personal residence with a fair market value

Miller owns a personal residence with a fair market value of $308,000 and an outstanding first mortgage of $246,400. Miller gets a second mortgage on the residence and in return borrows $15,400 to purchase new jet skis. Interest on the $___________ of the first and second mortgage is treated as qualified residence indebtedness.

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Financial Accounting: Miller owns a personal residence with a fair market value

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Financial Accounting: Miller owns a personal residence with a fair market value

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