Jackson owns two residences. The second residence, which has never been used for rental purposes, is the only residence that is subject to a mortgage. The following expenses were incurred for the second residence in the current year:Mortgage interestUSD5,000UtilitiesUSD1,200Hazard insuranceUSD6,000For regular income tax purposes, what is the maximum amount allowable as a deduction for Jackson's second residence in the current year?
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