IRS Redefines Mortgage Deduction Limits

written on October 25, 2010 by William Riccio

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October 18, 2010

The Internal Revenue Service has issued Notice 2010-25 which redefine the interpretation of home acquisition indebtedness as it pertains to home equity indebtedness.  Prior to the new interpretation only the interest on the first $1 million of home acquisition indebtedness would qualify.  The new interpretation allows home owners to treat the first $100,000 on home acquisition indebtedness above $1 million as home equity indebtedness.  This will allow taxpayers the ability to deduct interest on the first $1.1 million of home equity indebtedness.

Additional information can be found on the Internal Revenue Service website at www.IRS.gov 

 

Note: This article is current through the publication date.  No guarantees are made concerning the accuracy of the information after the publication date.
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William B. Riccio, CPA/CITP is a certified public accountant.  He is president of Riccio & Associates and can be reached at (216) 255-6913 or by e-mail at william@ohiocpa.net .