For regular income tax purposes, qualified residence interest is deductible as an itemized deduction in computing taxable income.
Qualified residence interest is interest that's paid or accrued during the tax year on acquisition indebtedness (debt incurred to buy, construct or substantially improve a residence) or on home equity indebtedness (up to $100,000 [$50,000 on separate returns of married taxpayers]) that's incurred with respect to any qualified residence of the taxpayer.
Register or login for access to this item and much more
All Accounting Today content is archived after seven days.
Community members receive:
- All recent and archived articles
- Conference offers and updates
- A full menu of enewsletter options
- Web seminars, white papers, ebooks
Already have an account? Log In
Don't have an account? Register for Free Unlimited Access