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Business, 06.04.2021 02:40 1846252

Diane owns a principal residence in Georgia, a townhouse in San Francisco, and a yacht in Cape Cod. All of the properties have mortgages on which Diane pays interest. a. For which residences can Diane deduct mortgage interest?
b. What are the limitations on Diane’s mortgage interest deduction? What strategy should Diane consider to maximize her mortgage interest deduction?
Diane's deduction is limited to interest on acquisition indebtedness up to $ if the debt existed at December 15, 2017 or $ if incurred after that date. Therefore, she should choose the second residence that will result in the interest deduction.

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Diane owns a principal residence in Georgia, a townhouse in San Francisco, and a yacht in Cape Cod....

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