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04-01-2023
Business

Answered

Bob and carol refinanced their sole residence, valued at $500,000, in 2022. Under the refinancing arrangement, they refinanced their $300,000 indebtedness for $400,000, receiving $100,000 in cash that they used to pay for their daughter's wedding. What percent of the interest they pay on the refinanced property are they able to deduct?.

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