Which of the following best describes a qualified residence forthe purposes of determining a taxpayer's deductible home mortgage interest expense?
A)Only the taxpayer's principal residence.
B)The taxpayer's principal residence and two other residences (chosen by the taxpayer).
C)The taxpayer's principal residence and one other residence (chosen by the taxpayer).
D)Any two residences chosen by the taxpayer.

Question

Quizplus · Accepted Answer

For the purposes of determining a taxpayer's deductible home mortgage interest expense, a qualified residence includes the taxpayer's principal residence and one other residence chosen by the taxpayer. This allows for the deduction of interest on a primary home and one additional home, provided the loans meet other IRS criteria.

Which of the Following Best Describes a Qualified Residence Forthe