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Steve and Marian Purchase a New Condominium in Manhattan on February

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Steve and Marian purchase a new condominium in Manhattan on February 1,2019 to use as their primary residence.The purchase price of the condominium is $1.5 million.The couple obtained a $1.0 million mortgage from the bank and paid the balance in cash.On their joint tax return the couple will be allowed an itemized deduction for interest expense on a principal balance of up to


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