This is the debt used to acquire, build, or substantially improve a taxpayer’s principal residence or a second home, and it is debt that is secured by the principal residence or second home. The interest on up to $1 million of acquisition indebtedness is deductible as an itemized deduction.
Richard F. Harnacker, P.C. • 13610 Barrett Office Drive • Manchester, MO 63021 Phone: (314) 822-7272 • Fax: (314) 822-7275