A taxpayer who rents out a home for at least one day and does not use a home for personal purposes for at least 15 days during the year is ineligible to deduct any qualified residence interest expense on a loan secured by the home.

Question

Quizplus · Accepted Answer

This is true according to the IRS rules regarding the deduction of qualified residence interest expenses. If a taxpayer rents out a home for at least one day and does not use it for personal purposes for at least 15 days during the year, they are not eligible to deduct any qualified residence interest expense on a loan secured by the home.

A Taxpayer Who Rents Out a Home for at Least