Jennie Tieu

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    Home Mortgage and Equity Loan Interest Deduction Limitations

    Most taxpayers are aware that the mortgage interest deduction is limited to $1 million of acquisition indebtedness and $100,000 of home equity indebtedness on a qualified residence. These limitations apply to a single taxpayer or married taxpayers who jointly file their tax return. In the case of a married couple filing separately, the limitations are $500,000 of acquisition debt and $50,000 of home equity debt for each spouse. Taxpayers Bruce Voss and Charles Sophy, who were not married to each […]

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