Tax consequences of retire between mortgage on residence

Reference no: EM13319885

Tom in 35% tax bracket and recently collected $100,000 on a life insurance police. he currently owes $120,000 on her personal residence and $120,000 on business property. Notional Bank holds the mortgage on both pieces of property and agreed to accept $100,000 in complete satisfaction of either mortgage. The interest rate on mortgage is 8% and both mortgage are payable over 10 years. what tax consequences of retire between the mortgage on residence or on the business property?

Reference no: EM13319885

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