Robert is single. He purchased a new main home in March of 2017 for $900,000. Robert will be itemizing his deductions. On what portion of the acquisition debt will interest be deductible on Robert's tax return for 2022?

Question

15-02-2024
Business

High School

Thank you for visiting Robert is single He purchased a new main home in March of 2017 for 900 000 Robert will be itemizing his deductions On what portion. This page is designed to guide you through key points and clear explanations related to the topic at hand. We aim to make your learning experience smooth, insightful, and informative. Dive in and discover the answers you're looking for!

Robert is single. He purchased a new main home in March of 2017 for $900,000. Robert will be itemizing his deductions. On what portion of the acquisition debt will interest be deductible on Robert's tax return for 2022?

Answer :

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Kunal282suresh Kunal282suresh · Answer 1 · 2024-01-27T06:17:46-05:00

Final answer:

Robert can deduct the interest on acquisition debt up to $1 million because he purchased his home before December 15, 2017. assuming his debt does not exceed this limit this is the portion of the acquisition debt on which the interest will be deductible when itemizing his 2022 tax return.

Explanation:

The student's question pertains to the tax deductibility of mortgage interest on an acquisition debt for a main home. To answer the question: Robert is single and purchased a new main home in March of 2017 for $900,000. As of the Tax Cuts and Jobs Act of 2017, the amount of acquisition debt eligible for the mortgage interest deduction was lowered. For Robert, since his home was purchased before December 15, 2017, he can deduct the interest on up to $1 million of the acquisition debt on his main home provided he fits within that threshold. Otherwise, if he purchased the home after that date, the limit would be $750,000. As Robert is itemizing his deductions and assuming the debt on his main home has not exceeded these limits, he would be able to deduct the interest on his tax return for 2022 proportional to this amount.