An action on decision released earlier this month by the IRS announced it will acquiesce in a Ninth Circuit decision that held that the section 163(h)(3) limitations apply per taxpayer, allowing each taxpayer to deduct interest on mortgage indebtedness of up to $ 1.1 million.
View the document here: IRS AOD 2016-02
The underlying court case, Voss v. Commissioner considered the issue of whether the section 163(h)(3) debt limitations on deductions for qualified residence interest apply on a per-taxpayer basis, rather than on a per-residence basis.
View the court document here: Voss v. Commissioner, Tax Ct. No. 16443-09
Posted by Allison Trupp, Associate Editor, Wealth Strategies Journal