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The IRS Is Watching

Article Highlights:

Bullet Point Progress coding: bullet pointsAcquisition Debt

Bullet Point Progress coding: bullet pointsEquity Debt

Bullet Point Progress coding: bullet pointsTracing Excess Debt

Bullet Point Progress coding: bullet pointsUnsecured Election

One of the current IRS audit initiatives is checking to see if taxpayers are deducting too much home equity debt interest. Generally, taxpayers are allowed to deduct the interest on up to $1 million of home acquisition debt (includes subsequent debt incurred to make improvements, but not repairs) and the interest on up to $100,000 of home equity debt. Read more

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