During 2014, Megan purchased a beachfront condominium for $600,000. She paid $150,000 down and took...
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During 2014, Megan purchased a beachfront condominium for $600,000. She paid $150,000 down and took out a $450,000 mortgage, secured by the condominium. At the time of the purchase, the outstanding mortgage on Megans principal residence was $700,000, which was secured by her residence. The fair market value of Megans principal residence, which she purchased in 1998, is $1.4 million. What is Megans qualified mortgage indebtedness interest that she may deduct on her 2014 federal income tax return?
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