Which of the following is not required in order to claim a deduction on your 2018...

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Which of the following is not required in order to claim a deduction on your 2018...

Which of the following is not required in order to claim a deduction on your 2018 Schedule A for home mortgage interest?

Choose one answer.

	a. The proceeds of the loan must have been used to buy, build, or substantially improve your home.
	b. You can only deduct the interest paid in 2018 on amounts up to $1,000,000 ($500,000 for MFS) of original indebtedness, if incurred before December 16, 2017.
	c. You can only deduct the interest paid in 2018 on amounts up to $750,000 ($375,000 if MFS) of original indebtedness, if incurred after December 15, 2017.
	d. You must be legally liable to pay the loan.
	e. You must have lived in the home for at least part of 2018

business accounting

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Answer 1

Answer #1

Option e. You must have lived in the home for at least part of 2018

Reason: Interest on mortgage loan is deductible even if you have not lived in the property since the deduction is available on your second home as well.

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Answer 2

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