Which of the following is a true statement?
A)Taxpayers may only deduct interest on up to $1,500,000 of acquisition indebtedness
B)Taxpayers may deduct interest on up to $1,000,000 of home-equity debt
C)The deduction for investment interest expense is not subject to limitation
D)A taxpayer who incurs acquisition indebtedness in 2018 may only deduct interest on up to $750,000 of acquisition indebtedness
E)None of the choices are correct.

Question

Quizplus · Accepted Answer

The Tax Cuts and Jobs Act of 2017 reduced the limit on acquisition indebtedness for which interest is deductible from $1,000,000 to $750,000 for debt incurred after December 15, 2017.

Which of the Following Is a True Statement