Tax Incentives for Education : Scheduled for a Hearing Before the Committee On Finance On March 15, 1988 Jcs-5-88

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Tax Incentives for Education : Scheduled for a Hearing Before the Committee On Finance On March 15, 1988 Jcs-5-88
United States. Congress. Joint Committee On Taxation
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® The chairman would be appointed for a term of five years and would not be eligibl* reappointment.
15 I lolly disallowed after 1990 (Code sec. 163(h)). Personal interest is y interest other than interest incurred in connection with a |.de or business (other than of performing services as an employ- !, investment interest, interest taken into account in computing i taxpayer's income or loss from passive activities, qualified resi- ice interest, or interest on certain deferred estate tax.
Qualif
...ied residence interest, which is not subject to the limita- In on personal interest, is interest on debt secured by a security lerest valid against a subsequent purchaser on the taxpayer's ncipal residence or a second residence of the taxpayer. For tax- jle years beginning in 1987, interest on such debt was generally iuctible to the extent that the debt did not exceed the amount of ? taxpayer's basis for the residence (including the cost of home provements).
[n addition, the law for 1987 allowed a taxpayer to deduct as alified residence interest the interest on certain loans incurred • qualified educational or medical expenses up to the fair market lue of the residence.


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