The IRS has just announced that it has acquiesced and will follow the Ninth Circuit’s ruling that the qualified residence interest limitations described in IRC Section 163(h)(3) should be applied on a per-individual basis, and not per residence.
Bruce Voss and Charles Sophy were registered as domestic partners (for federal tax purposes unmarried) in California. The two co-owned, as joint tenants, two properties located in Beverly Hills and Rancho Mirage. Each property was financed with a mortgage secured by the property for which the Taxpayers were jointly and severally liable. The total average balance for the mortgages was $2.7 …read more
Read more here:: Beyond The Numbers