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What is total amount of debt on which sarah deduct interest

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Problem

On July 31, of the current year, Sarah borrows $110,000 to purchase a new motor home. The loan is secured by her personal residence. On the date of the loan, the outstanding balance on the debt associated with the original purchase is $500,000 and the FMV of the home is $650,000. What is the total amount of debt on which Sarah can deduct interest in the current year.

Reference no: EM131796638

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