Which of the Following Statements Regarding the Home Mortgage Interest

question 94

Multiple Choice

Which of the following statements regarding the home mortgage interest expense deduction is false for a single taxpayer?

• A)Taxpayers may deduct all of the interest paid on up to $1,000,000 of acquisition debt if the debt occurred in January of 2017.
• B)Taxpayers may deduct all of the interest paid on up to $750,000 of acquisition debt if the debt occurred in January of 2018.
• C)If,in 2019,a taxpayer refinances acquisition debt that was originally incurred in January of 2017,the taxpayer may deduct the interest on up to only $750,000 of the refinanced loan.
• D)None of the choices is false.

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