William took out a $440,000 mortgage to purchase his personal residence. The residence is worth almost $1 million, and William wants to take out a $200,000 second mortgage and use the proceeds to consolidate his credit card debt. William can deduct the interest he pays on both mortgages.
Answer the following statement true (T) or false (F)
False
The second mortgage is not acquisition debt.
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Fill in the blanks with correct word