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Acquisition indebtedness on primary residence, Qualification Issues Acquisition debt created by divorce: Often a divorce involves one spouse buying-out the other's interest in the residence. This is often done by placing a second mortgage on the residence for the buy-out (this debt is not created at the time of purchase, nor is it classified as substantial improvement debt). This new debt is also considered acquisition debt. However, the total debt may not exceed the fair market value of the residence being acquired. See blog on Primary Residence Interest deduction   Posted by David Spencer Chicago Area Commercial-Residential R.E. on 12/27/2006 04:00 PM   Comments (0)   taxes interest deductions primary residence davids blog illinois dupage weblog web log blogger   0 Comments on Acquisition indebtedness on primary residence, Qualification Issues Notify me of new comments: Email: What does the graphic say? Leave a response… Name: Email: (optional) Comment: What does the graphic say?

David Spencer Chicago Area Commercial-Residential R.E.

Bloomingdale, IL

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David Spencer & Assoc., Broker & Lic. Instr. CE and Pre-Lic.

Address: 800 E Northwest Highway, Suite 200, Palatine, IL, 60074

Office Phone: (630) 351-3004

Cell Phone: (630) 750-4255

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Real estate topics on better business performance, education, advanced techniques for selling/buying residential, commercial and investment real estate; 1031 tax deferred exchange, licensing; anecdotes and stories to ponder.

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