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.
Patricia A. Cain,
Unmarried Couples and the Mortgage Interest Deduction
Available at: http://digitalcommons.law.scu.edu/facpubs/631