Business, 11.10.2019 22:20 Thania3902
Jenny and jerry have a home with a fair market value of $625,000. they borrowed $400,000 ten years ago to purchase the home (home value at that time was $450,000). they currently owe $250,000 on the acquisition loan. they recently borrowed $110,000 on a home-equity loan. the proceeds were used to purchase a car, take a vacation, and redecorate their home. what is the maximum amount of their indebtedness that can generate deductible interest in the current year?
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Jenny and jerry have a home with a fair market value of $625,000. they borrowed $400,000 ten years a...
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