During 2019, Cary and Bill incurred acquisition debt on their residence of $1,300,000. They also borrowed...
During 2019, Cary and Bill incurred acquisition debt on their residence of $1,300,000. They also borrowed $200,000 on a home equity line to pay college tuitions for their children. On a joint tax return, what is the amount of their qualified acquisition debt? a.$1,500,000
b.$750,000
c.$1,000,000
d.$1,300,000
e.None of these choices are correct.
Homework Answers
As per IRS
The acquisition debt financial obligation which is incurred by a person when a primary or secondary housebor even if any improvement is being made to residence. The IRS given deduction from total income under the act upto $750,000
There is no deduction on loan for education only the interest is allowed.
So that total deduction for this loans only upto $750,000
Option B is correct.
If any clarification please comment..
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During 2019, Cary and Bill incurred acquisition debt on their
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