During 2014,Manuel and Gloria incurred acquisition debt on their new residence of $1,150,000.On their joint tax return,what is the amount of their qualified acquisition debt on which they can deduct interest?

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According to the IRS, the limit on qualified acquisition debt for mortgage interest deduction purposes is $1,000,000 ($500,000 for married filing separately) for mortgages incurred after October 13, 1987. Therefore, since Manuel and Gloria incurred $1,150,000 in acquisition debt in 2014, only the first $1,000,000 of that debt qualifies as deductible interest.

During 2014,Manuel and Gloria Incurred Acquisition Debt on Their New