Tom owns two houses. He lives in one of them on a full-time basis. The other one
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a. How much of the interest is deductible?
b. What if Tom uses the second house only 14 days a year and he never rents the house out?
c. What if the original mortgage was acquired in 1984 and was for a total purchase price of $2,000,000? Assume for this question that the current balance on the mortgage is $1,500,000. Also assume there is no second home.
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