Mr. Lightfoot owns three mortgaged residences that he occupies at different times of the year. He can treat the interest paid on only one mortgage as qualified residence interest.

Question

Quizplus · Accepted Answer

Mr. Lightfoot can treat the interest paid on mortgages for two of the residences as qualified residence interest, as the IRS allows taxpayers to deduct mortgage interest on both their primary residence and one second home, provided they meet certain conditions.

Mr Lightfoot Owns Three Mortgaged Residences That He Occupies at Different