The Rins own a home in Boston. They paid $780,000 for their home three years ago. Their current balance on their mortgage is $660,000. At the time that their home was worth $900,000, they refinanced their mortgage. Their new mortgage is for $800,000. In addition to the home in Buston, the Rins alco own a vacation home in Florida. They paid $350,000 for the home several yeas ago, and the current mortgage on the seconed home is $295,000. How much inretest the Rins are allowed to deduct if the excess proceeds from the refinanceing are used to buy or improvement their main home.

The Rins own a home in Boston. They paid $780,000 for their home three years ago. Their current balance on their mortgage is $660,000. At the time that their home was worth $900,000, they refinanced their mortgage. Their new mortgage is for $800,000. In addition to the home in Buston, the Rins alco own a vacation home in Florida. They paid $350,000 for the home several yeas ago, and the current mortgage on the seconed home is $295,000. How much inretest the Rins are allowed to deduct if the excess proceeds from the refinanceing are used to buy or improvement their main home.

CONCEPTS IN FED.TAX.,2020-W/ACCESS

20th Edition

ISBN:9780357110362

Author:Murphy

Publisher:Murphy

Chapter8: Taxation Of Individuals

Section: Chapter Questions

Problem 39P

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