Qualified Residence

Qualified Residence

The place where a person primarily lives. If one owns his/her qualified residence, he/she may write off the interest on the mortgage from his/her income.
References in periodicals archive ?
163 treatment of mortgage insurance premiums as qualified residence interest;
Home-equity indebtedness generates filly deductible qualified residence interest.
California finally did extend the exclusion from COD income for qualified residence debt, so the state now conforms to the Internal Revenue Code in that respect.
You even can finance the acquisition of additional land, adjacent to your home, and deduct the interest as qualified residence interest.
163-10T of the IRS Regulations states that a taxpayer may treat a residence under construction as a qualified residence for a period of up to 24 months, but only if the residence becomes a qualified residence as of the time that the residence is ready for occupancy.
sections] 1034; or (ii) another qualified residence which must meet the definitions of a personal residence provided in I.
E) Qualified residence sale expenses, purchase expenses, or lease expense.
They include the election to deduct state and local sales and use taxes in lieu of state income taxes, the above-the-line deduction for qualified tuition and related expenses, the above-the-line deduction for expenses of schoolteachers, the deduction of mortgage insurance premiums as qualified residence interest, and the exclusion from gross income of a discharge of indebtedness on a principal residence.
1 million of the debt as qualified residence interest.
The IRS has reversed its position as to whether debt, exceeding $1 million, incurred to acquire, construct or substantially improve a qualified residence constitutes "home equity debt" [Under IRC Sec.
A single taxpayer, on the other hand, generally is allowed to exclude up to $250,000 of gain realized on the sale or exchange of a qualified residence.
For example, interest on a note secured by a home mortgage is deductible on an indebtedness for acquisition of a qualified residence up to $1 million or for a home equity indebtedness on a qualified residence up to $100,000 for those who file married, filing jointly or individually as unmarried.

Full browser ?