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Income Tax: Problem 17-46, qualified residence interest

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Income Tax Accounting. See attached problem 17-46 regarding qualified residence interest

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Solution Summary

The solution presents a list of six definitions to define what is qualified residential interest. The definitions include how to treat multiple properties and the deduction limits in current tax law. Following the definitions, a calculation is made for Tina's allowable residential interest deduction.

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First, the definitions:

1. A qualified residence can consist of the primary residence and one other that is not rented out; total of two only.
2. Acquisition indebtedness is debt incurred in acquiring the residence.
3. The aggregate amount for acquisition ...

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