Sentences with phrase «home acquisition debt»

She explained that you may deduct interest on up to $ 1 million in home acquisition debt for your primary home and a vacation home.

These new limits don't affect up to $ 1 million of home acquisition debt taken out before December 16th, 2017 or incurred to buy a residence under a contract if the transaction closed before April 1st, 2018.

For mortgages qualifying as home acquisition debt issued after Oct. 13, 1987 and up through 2012, only the interest on the first $ 1 million (the first $ 500,000 if you are married filing separately) is deductible.

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

The TCJA includes a second grandfather rule for refinancing up to $ 1 million of home acquisition debt that was taken out before December 16th, 2017.

The lack of crucial data points in the previous version of the 1098 form made it challenging for the IRS to determine whether some properties qualified for interest deductions and whether the claimed amounts were in sync with reported incomes or were based on mortgage amounts that exceeded the tax code's limits of $ 1 million in «home acquisition debt» and $ 100,000 of «home equity debt.»