Sentences with phrase «at home acquisition debt»

First, home buyers need to understand that deductions for mortgage interest are now capped at home acquisition debt of $ 750,000.

Not exact matches

This assumes the combined balances of acquisition debt and home equity do not exceed the home's fair market value at the time you take out the home equity debt.

But because the home equity loan would be taken out in 2018 — when the TCJA caps deductions at $ 750,000 of total acquisition debt — none of the interest on the new home equity loan is deductible.

In making an equitable apportionment of marital property, the family court must give weight in such proportion as it finds appropriate to all of the following factors: (1) the duration of the marriage along with the ages of the parties at the time of the marriage and at the time of the divorce; (2) marital misconduct or fault of either or both parties, if the misconduct affects or has affected the economic circumstances of the parties or contributed to the breakup of the marriage; (3) the value of the marital property and the contribution of each spouse to the acquisition, preservation, depreciation, or appreciation in value of the marital property, including the contribution of the spouse as homemaker; (4) the income of each spouse, the earning potential of each spouse, and the opportunity for future acquisition of capital assets; (5) the health, both physical and emotional, of each spouse; (6) either spouse's need for additional training or education in order to achieve that spouse's income potential; (7) the non marital property of each spouse; (8) the existence or nonexistence of vested retirement benefits for each or either spouse; (9) whether separate maintenance or alimony has been awarded; (10) the desirability of awarding the family home as part of equitable distribution or the right to live therein for reasonable periods to the spouse having custody of any children; (11) the tax consequences to each or either party as a result of equitable apportionment; (12) the existence and extent of any prior support obligations; (13) liens and any other encumbrances upon the marital property and any other existing debts; (14) child custody arrangements and obligations at the time of the entry of the order; and (15) such other relevant factors as the trial court shall expressly enumerate in its order.

In this scenario, your acquisition debt remains at $ 300,000 and your home equity debt limit is $ 100,000, giving you $ 400,000 in mortgage debt that qualifies for interest deduction.