Thursday, April 30, 2009
Patricia A. Cain (Santa Clara) has posted Unmarried Couples and the Mortgage Interest Deduction, 123 Tax Notes 473 (Apr. 27, 2009), on SSRN. Here is the abstract:
On March 13, 2009, the IRS 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.
Prior TaxProf Blog coverage:
- IRS Limits Home Mortgage Interest Deduction for Gay/Lesbian Couples (Mar. 23, 2009)
- McMahon: In Defense of CCA 200911007 (Mar. 25, 2009)
- Cain: In Defense of the Consensus on CCA 200911007 (Mar. 25, 2009)