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Income Tax Planning
Chapter 7: Itemized Deductions/QUALIFIED RESIDENCE INTEREST (3 OF 3)
Warren Academy Course SyllabusSyllabus Slides
Chapter Study Session

Chapter 7: Itemized Deductions

QUALIFIED RESIDENCE INTEREST (3 OF 3)

01.Core Concepts

• Home Equity Indebtedness: Before 2018, interest was deductible on up to: • $100,000 maximum principal amount  $50,000 for married filing separately • Cannot exceed FMV of home less acquisition indebtedness • For tax years 2018-2025 (under TCJA), no interest on home equity indebtedness may be deducted. Made permanent by OBBBA. • Interest on home equity loan that qualifies as acquisition indebtedness is deductible. Made permanent by OBBBA.