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.
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References in periodicals archive ?
Mortgage interest -- You can (https://www.fool.com/taxes/2018/10/13/can-i-still-deduct-my-mortgage-interest-in-2018.aspx) deduct the interest  on qualified residence loans of as much as $750,000 in principal balances.
5 Tax Deductions That Could Save You Big Bucks In 2019
Qualified student loan interest and business interest are deductible before adjusted gross income (AGI, above the line), qualified residence interest and investment interest are deductible from AGI (below the line), and personal interest is not deductible.
Five types of interest expense, three sets of new rules
Under the new law, the homestead exemption for veterans with disabilities will now be prorated if the veteran who qualifies for the exemption does not occupy the qualified residence as of January 1 of the taxable year.
Fowler Week in Review (Aug. 27-31)
Beginning in 2018, taxpayers may only deduct interest on $750,000 of such "qualified residence loans," or $375,000 for a married taxpayer filing separately.
IRS okays home equity deductions
163(h)(3)(E) treatment of mortgage insurance premiums as qualified residence interest; and
Bipartisan Budget Act contains tax provisions: Tax relief for victims of California wildfires, extension of many lapsed temporary incentives, and a new short-form return for seniors are among the act's revenue provisions
Mortgage insurance premiums treated as qualified residence interest, claimed on Schedule A, and
United States : Taxpayers can now e-file returns including four tax benefits related to incentives for energy production and conservation
The below list is not at all intended to include all of the extenders but highlights some that might be of interest: Mortgage insurance premiums treated as qualified residence interest; Continuation of the exclusion from gross income for the discharge of qualified principal residence debt; The ability to continue to take an above the line deduction for qualified tuition and related qualifying expenses; Continuation of empowerment zone tax incentives; Continuation of nonresidential energy property credit(actually extended through 2021); Continuation of credit for nonbusiness energy property; Continued credit for qualified new fuel cell motor vehicles; and A complete list of the extenders is included in (P.L.115-123) Bipartisan Budget Act.
Keeping Your Balance: IRS releases new withholding calculator for 2018
These amounts continue to be treated as qualified residence interest under another extension (IRC section 163), but the deduction phases out for taxpayers with AGI from $100,000 to $109,000 for joint filers (half these amounts for married taxpayers filing separately).
Income tax incentives extended for 2014 returns
Extension of mortgage insurance premiums treated as qualified residence interest.
House to Vote on Tax Extender Bill by Thursday
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.
Tax minds collide: FIB, CalCPA Committee on Taxation Discuss Trends
For 2013, the provision allowing the discharge of a qualified principal residence debt to be excluded from income (up to $2 million) is available, as is the provision allowing mortgage insurance premiums to be deducted as qualified residence interest.
An overview of changes in the American Taxpayer Relief Act of 2012 impacting agriculture
Special rules limit the deduction of personal interest (see Q 7923), qualified residence interest (see Q 7924), investment interest (see Q 7925), student loan interest (see Q 7930) and interest subject to the passive loss rules (see Q 7913, Q 7914).
Part XVII: Deduction of interest and expenses

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