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Miller owns a personal residence witha fair market value of $308,000 and an outstanding first mortgage of $246,400. Miller gets a secnd mortage on the residence and in return borrows $15,400 to purchase
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Miller owns a personal residence witha fair market value of $308,000 and an outstanding first mortgage of $246,400. Miller gets a secnd mortage on the residence and in return borrows $15,400 to purchase new jet skis. Interest on the $___________ of the first and second mortgage is treated as qualified residence indebtedness.

User Planet X
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Answer: $246,400

Step-by-step explanation:

Qualified residence indebtedness refers to the mortgage that's taken to purchase or improve on one's main home.

Based on the information given above, the on the $246,400 of the first and second mortgage is treated as qualified residence indebtedness.

User Rich Kuzsma
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