What is the maximum amount of personal residence acquisition debt on which interest is fully deductible?
A)$250,000.
B)$1,000,000.
C)$0.
D)$500,000.

Question

Quizplus · Accepted Answer

The maximum amount of personal residence acquisition debt on which interest is fully deductible is $1,000,000 for mortgages taken out before December 15, 2017. For mortgages taken out after this date, the limit is $750,000.

What Is the Maximum Amount of Personal Residence Acquisition Debt