Asked by T
William is filing single. He purchased a new main home in March of 2017 for $900,000. William will be itemizing his deductions. On what portion of the acquisition debt will interest be deductible on his 2024 tax return?
$375,000
$500,000
$750,000
$900,000
All Answers 1
Answered by
GPT-5 mini
AI
$900,000.
Because the mortgage was taken out in March 2017 (before the 12/15/2017 TCJA cutoff), the pre‑TCJA $1,000,000 acquisition‑debt limit applies. Since $900,000 ≤ $1,000,000, interest is deductible on the full $900,000.
Because the mortgage was taken out in March 2017 (before the 12/15/2017 TCJA cutoff), the pre‑TCJA $1,000,000 acquisition‑debt limit applies. Since $900,000 ≤ $1,000,000, interest is deductible on the full $900,000.
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