Income Tax Accounting. See attached problem 17-46 regarding qualified residence interest© BrainMass Inc. brainmass.com March 4, 2021, 8:05 pm ad1c9bdddf
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 ...
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.