In 2009, Mr. and Mrs. Violet took out a $900,000 mortgage to purchase their personal residence. They can deduct the annual mortgage interest payments as an itemized deduction.

Name: In 2009, Mr. and Mrs. Violet took out a $900,000 mortgage to purchase their personal residence. They can deduct the annual mortgage interest payments as an itemized deduction.
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Mortgage interest payments on a personal residence can be deducted as an itemized deduction on the taxpayer's tax return.