Transfer Of TitleTaxes
Transfer Of Title Practice Question
The mortgage interest deduction for federal income tax purposes is limited to acquisition debt of:
A
$500,000B
$750,000C
$1,000,000D
No limitExplanation
Under the Tax Cuts and Jobs Act of 2017, mortgage interest is deductible on acquisition debt up to $750,000 for mortgages taken out after December 15, 2017. The previous limit of $1,000,000 applies to earlier mortgages.
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