Qualified residence

Tax System

A primary home plus one secondary home that qualify for the mortgage interest deduction. The taxpayer must have an ownership interest and use the property as a residence.

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Unit 06: homeownership benefits

Tax System

Related Terms

Mortgage interest deduction

A tax provision allowing homeowners to deduct mortgage inter...

Acquisition indebtedness

Debt used to buy, build, or substantially improve a qualifie...

Primary residence

The home where a taxpayer lives most of the time. Only one p...