Episode Details

This podcast is made by Ran Chen, who holds an EA license, Insurance and Securities licenses (Series 6, 63, 65), and the CFP® designation. He is passionate about opening access to high-quality exam preparation resources and helping learners prepare more effectively for professional certification exams. In this episode you will learn: • The home acquisition debt limit is $750,000 ($375,000 MFS) for mortgages taken out after December 15, 2017. • Mortgages from on or before December 15, 2017 are grandfathered under the older $1 million limit ($500,000 MFS). • Interest on home equity debt is only deductible if the proceeds are used to buy, build, or substantially improve the qualified residence. • Points paid on an original mortgage are deductible in the year paid, but points on a refinance must be amortized over the loan's life. • The interest amount on Form 1098 must be adjusted if the mortgage balance exceeds the legal debt limitations. For more free exam prep tools, practice questions, and AI-powered explanations, visit https://open-exam-prep.com/ or Youtube Channel: https://www.youtube.com/@Open-exam-prep