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

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henryadelani

Answer:

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

                                                               Mortgage value = $162,160

                                            Remaining Mortgage value = $40,540

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

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

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