Taxpayers Are Allowed to Deduct Mortgage Interest on Up to $1,000,000

question 85

True/False

Taxpayers are allowed to deduct mortgage interest on up to $1,000,000 of acquisition debt for their qualified residence and on up to $500,000 of home-equity debt.

---

Definitions:

Appellee

An individual or entity that responds to an appeal in court, upholding the lower court's decision.

Plaintiff

A person or legal entity who initiates a lawsuit against another party (the defendant) in a court of law, alleging wrongdoings.

Sources of American Law

The origins from which U.S. law derives, including the Constitution, statutes, case law, and regulations.

System of Law

The comprehensive and structured set of legal principles and codes that govern a jurisdiction.