Which of the following is a true statement?
A)Taxpayers may only deduct interest on up to $1,500,000 of acquisition indebtedness.
B)Taxpayers may deduct interest on up to $1,0000,000 of home-equity debt.
C)The deduction for investment interest expense is not subject to limitation.
D)Interest on home-equity debt up to $100,000 is deductible,even if the loan proceeds are used to buy a new car.
E)None of these is truE.The qualified residence interest deduction rules do not restrict the use of home-equity debt proceeds.

Question

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The Answer of Which of the following is a true statement?
A)Taxpayers may only deduct interest on up to $1,500,000 of acquisition indebtedness.
B)Taxpayers may deduct interest on up to $1,0000,000 of home-equity debt.
C)The deduction for investment interest expense is not subject to limitation.
D)Interest on home-equity debt up to $100,000 is deductible,even if the loan proceeds are used to buy a new car.
E)None of these is truE.The qualified residence interest deduction rules do not restrict the use of home-equity debt proceeds.

Which of the Following Is a True Statement