Miller owns a personal residence with a fair market value of $195,000 and an outstanding first mortgage of $157,500. Miller gets a second mortgage on the residence and in return borrows $10,000 to purchase new jet skis. Interest on the $of first and second mortgage debt is treated as qualified residence indebtedness.
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Miller owns a personal residence with a fair market value of $195,000 and an outstanding first mortgage of $157,500.
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