Which of the following statements regarding the home mortgage interest expense deduction is correct?
A) Taxpayers may deduct interest expense on a limited amount of home equity indebtedness but they may deduct interest expense on an unlimited amount of home acquisition indebtedness.
B) Taxpayers may deduct interest expense on a limited amount of acquisition indebtedness but an unlimited amount of home equity indebtedness.
C) Taxpayers may deduct interest expense on a limited amount of acquisition indebtedness but may not deduct interest on home equity indebtedness.
D) None of these statements are correct.
Correct Answer:
Verified
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