During 2014, Megan purchased a beachfront condo for $600,000. She paid $150,000 down and took out a $450,00 mortgage secured by the condo. At the time of the purchase, the outstanding mortgage on Megan's principal residence was $700,000, which was secured by her residence. The fair market value of Megan's principal residence, which she purchased in 1998, is $ 1.4 million.

What is Megan's qualified mortgage indebtedness interest that she may deduct on her 2014 federal Income tax return?

Answer rating: 100% (QA)

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