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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Qualified Residence Interest

References in periodicals archive ?

163 treatment of mortgage insurance premiums as qualified residence interest;

Expired tax provisions extended for 2014

Home-equity indebtedness generates filly deductible qualified residence interest.

Planning with home-equity loans and mortgage refinancing

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

You even can finance the acquisition of additional land, adjacent to your home, and deduct the interest as qualified residence interest.

Your home: the mother of all tax shelters

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.

Questions to the tax desk

sections] 1034; or (ii) another qualified residence which must meet the definitions of a personal residence provided in I.

Understanding estate planning with Qualified Personal Residence Trusts

E) Qualified residence sale expenses, purchase expenses, or lease expense.

OBRA and NEPA change tax treatment of moving expenses and short-term assignments

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.

Getting into the swing of tax season: follow through with preparation and resources

1 million of the debt as qualified residence interest.

Interest on residential property debt not deductible as investment 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.

Mortgage interest: greater home mortgage interest deduction now allowed

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.

Planning for home sales in a divorce and some pitfalls to avoid

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.

Divorcing spouses can file income tax returns as unmarried individuals prior to dissolution of marriage