Which of the following is a true statement?
A) Interest on home-equity debt up to $100,000 is deductible, even if the loan proceeds are used to buy a new car.
B) Taxpayers may deduct interest on up to $1,000,000 of home-equity debt.
C) Taxpayers may only deduct interest on up to $1,500,000 of acquisition indebtedness.
D) The deduction for investment interest expense is not subject to limitation.
E) None of the choices are true.

Question

Quizplus · Accepted Answer

The Answer of Which of the following is a true statement?
A) Interest on home-equity debt up to $100,000 is deductible, even if the loan proceeds are used to buy a new car.
B) Taxpayers may deduct interest on up to $1,000,000 of home-equity debt.
C) Taxpayers may only deduct interest on up to $1,500,000 of acquisition indebtedness.
D) The deduction for investment interest expense is not subject to limitation.
E) None of the choices are true.

Which of the Following Is a True Statement