Unmarried Couples and the Mortgage Interest Deduction
6 Pages Posted: 4 May 2009
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.
Keywords: mortgage interest deduction, unmarried couples, CCA 200911007, Section 163(h)(3), acquisition indebtedness
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