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What amount of qualified residence interest may she deduct

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Question - On January 1st of this year Patti purchased a home worth $1.5 million with an interest-only mortgage of $1.2 million. She is currently only paying interest on the mortgage at the rate of 5% annually. What amount of qualified residence interest may she deduct as home mortgage interest on Schedule A of her individual income tax return this year?

Reference no: EM132600760

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