Question: During the current year, Tina purchases a beachfront condominium for $ 675 comma 000, paying $ 130 comma 000 down and taking out a $

During the current year, Tina purchases a beachfront condominium for $ 675 comma 000, paying $ 130 comma 000 down and taking out a $ 545 comma 000 mortgage, secured by the property. At the time of the purchase, the outstanding mortgage on her principal residence is $ 680 comma 000. This debt is secured by the residence. The FMV of the principal residence is $ 1 comma 600 comma 000. She purchased the principal residence in 1997.

Requirement

What is the amount of qualified indebtedness on which Tina may deduct the interest payments?

The amount of qualified indebtedness on which Tina may deduct the interest payments is

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