QUALIFIED RESIDENCE INTEREST (2 OF 3)
01.Core Concepts
Acquisition Indebtedness • Acquire, construct, or improve principal residence • For acquisition indebtedness incurred on or before December 15, 2017, interest is deductible on up to: • $1 million maximum principal amount • $500,000 for married filing separately • During tax years 2018-2025 (OBBBA makes permanent after 2025), for acquisition indebtedness incurred after December 15, 2017, interest is deductible on up to: • $750,000 maximum principal amount • $375,000 for married filing separately