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W. Understanding the Deductibility of §163 Interest on Schedule A and Applicable Limitation Issues

May 23@10:00 AM - 11:00 AM PST

Member Price » $39.00 | Non-Member Price » $49.00

The objective of this course is for the Tax Professional to understand what deductions are allowed under §163 for interest paid and incurred on debt related to a taxpayer’s principal residence, second home, and investments held by the taxpayers. It will discuss the issues related to investment income and investment expenses and define net investment income for purposes of deductibility on Form 4952. It will discuss issues of carrying forward current year unused investment interest to future tax years. The course will also review the deductibility of “qualified mortgage insurance” and the phase out based on AGI. In addition, the course will discuss “qualified acquisition indebtedness” and “home equity indebtedness” on a “qualified residence” of the taxpayer. It will review the limitations of debt up to $1 million on “acquisition indebtedness” and the $100,000 limitation on “home equity indebtedness.””