![]() The remaining $200,000 may qualify as home equity debt, since it exceeds the limit and does not qualify as home acquisition debt. Home equity debt is a mortgage you took out after October 13, 1987, that: 1) Doesn't qualify as home acquisition debt or as grandfathered debt, and 2) Is secured by your qualified home." As an example, let's say your mortgage loan is $1,200,000 and the limit is $1,000,000. Per Publication 936, page 10 for Home Equity Debt - ignore the first sentence and pay attention to the second sentence, "In addition, debt you incurred to buy, build, or substantially improve your home, to the extent it is more than the home acquisition debt limit ($1,000,000), may qualify as home equity debt. ![]() I would like to address your issue on TurboTax allowing the $100,000 in home equity debt.
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