Finance
A Virginia borrower's annual mortgage interest is tax deductible up to what loan amount under current IRS rules?
A$500,000
B$750,000✓ Correct
C$1,000,000
D$1,500,000
Explanation
Under the Tax Cuts and Jobs Act of 2017, mortgage interest deductibility applies to acquisition debt up to $750,000 for mortgages originated after December 15, 2017 (grandfathered at $1 million for prior loans).
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