Post by Patricia Cain on May 28, 2009 9:21:57 GMT 4
Unmarried Couples and the Mortgage Interest Deduction
Patricia A. Cain
Santa Clara University - School of Law
Tax Notes, April 27, 2009
Santa Clara Univ. Legal Studies Research Paper No. 09-12
Abstract:
On March 13, 2009, the Internal Revenue Service released Chief Counsel Advisory 200911007, concluding that unmarried co-owners of a residence were limited to mortgage interest deductions on $1 million of acquisition indebtedness. CCA 200911007 reasons that the $1 million limit should be applied per residence rather than per taxpayer. This article criticizes the IRS position.
papers.ssrn.com/sol3/Delivery.cfm/SSRN_ID1396301_code656904.pdf?abstractid=1396301&mirid=5
Patricia A. Cain
Santa Clara University - School of Law
Tax Notes, April 27, 2009
Santa Clara Univ. Legal Studies Research Paper No. 09-12
Abstract:
On March 13, 2009, the Internal Revenue Service released Chief Counsel Advisory 200911007, concluding that unmarried co-owners of a residence were limited to mortgage interest deductions on $1 million of acquisition indebtedness. CCA 200911007 reasons that the $1 million limit should be applied per residence rather than per taxpayer. This article criticizes the IRS position.
papers.ssrn.com/sol3/Delivery.cfm/SSRN_ID1396301_code656904.pdf?abstractid=1396301&mirid=5