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mojhsa [17]
3 years ago
8

Miller owns a personal residence with a fair market value of $202,700 and an outstanding first mortgage of $162,160, which was u

sed entirely to acquire the residence. This year, Miller gets a home equity loan of $10,135 to purchase new jet skis. How much of this mortgage debt is treated as qualified residence indebtedness?
Business
1 answer:
jenyasd209 [6]3 years ago
6 0

Answer:

Explanation: Miller Personal residence market value = $202,700

                                                               Mortgage value = <u>$162,160</u>

                                            Remaining Mortgage value = $<u>40,540</u>

           Current year, he gets Home equity loan valued = $10,135

The total mortgage debt treated( paid) = $162,160 + 10,135 = <em>$172,295</em>

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