Outline_6_Vocabulary - Interest paid on behalf of another...

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Outline 6 Vocabulary Chapter 10: Interest expense Personal (consumer interest) Allowed Disallowed Qualified student loan Investment interest Deductible Qualified residence interest Mortgage Qualified residence Secured by property Principal residence Qualified Second residence Personal residence Acquisition indebtedness Acquiring, constructing or substantially improving Home equity loan Statutory ceiling Loan origination fee Points Use or forbearance of money Service charge Qualifying points Points to refinance an existing home mortgage Mortgage insurance premiums Prepayment penalty Interest on debt incurred to purchase or carry tax-exempt securities Taxpayer’s obligation Bona fide obligation
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Unformatted text preview: Interest paid on behalf of another taxpayer Prepaid interest Chapter 6 (Pages 20-25 Rental of Vacation Homes): Problems: 25, 26, 27, 28, 50, 51, 52, 53 Office in the home Exclusively Regularly Principal place of business Any trade or business Used by clients, patients, or customers Convenience of the employer Exclusive use Mixed Use Direct Expenses Indirect expenses Allowable home office expenses Carryforward Form 8829 Chapter 6 Vacation home Part-year rental Primarily personal use Primarily rental use Qualified residence interest Personal/rental use Disallowed expenses Carry forward IRS approach Court approach Conversion to rental property...
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Outline_6_Vocabulary - Interest paid on behalf of another...

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