Which of the Following Statements Regarding the Home Mortgage Interest

question 37

Multiple Choice

Which of the following statements regarding the home mortgage interest expense deduction is correct?

• A)The limit on acquisition indebtedness depends on filing status.
• B)The limit on acquisition indebtedness applies to one (not multiple)loans.
• C)The limit on acquisition indebtedness applies only in the year of acquisition.
• D)Taxpayers who do not itemize deductions can still deduct home mortgage interest as a from AGI deduction.

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