All of the following statements are true regarding the home mortgage interest deduction EXCEPT: 1) The mortgage must have been used to buy, build, or improve the taxpayer's home. 2) The interest paid on the first $750,000 ($375,000 for MFS filers) of qualified home mortgage debt is fully deductible. 3) The $750,000 ($375,000 for MFS filers) home mortgage limit applies to refinancing a qualified mortgage from 2018. 4) Deductible home equity debt is a qualifying acquisition debt that does not exceed the $750,000 ($375,000 for MFS filers) home mortgage limit when combined with all other mortgage debt.
All of the following statements are true regarding the home mortgage interest deduction EXCEPT: 1) The mortgage must have been used to buy, build, or improve the taxpayer's home. 2) The interest paid on the first $750,000 ($375,000 for MFS filers) of qualified home mortgage debt is fully deductible. 3) The $750,000 ($375,000 for MFS filers) home mortgage limit applies to refinancing a qualified mortgage from 2018. 4) Deductible home equity debt is a qualifying acquisition debt that does not exceed the $750,000 ($375,000 for MFS filers) home mortgage limit when combined with all other mortgage debt.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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All of the following statements are true regarding the home mortgage interest deduction EXCEPT:
1) The mortgage must have been used to buy, build, or improve the taxpayer's home.
2) The interest paid on the first $750,000 ($375,000 for MFS filers) of qualified home mortgage debt is fully deductible.
3) The $750,000 ($375,000 for MFS filers) home mortgage limit applies to refinancing a qualified mortgage from 2018.
4) Deductible home equity debt is a qualifying acquisition debt that does not exceed the $750,000 ($375,000 for MFS filers) home mortgage limit when combined with all other mortgage debt.
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