What is Acquisition Indebtedness? So, lets start at the beginning. Mortgage interest is tax deductible. The first type of mortgage interest defined under the tax code is called âacquisition indebtednessâ. As you might expect, this includes the cost of borrowing to acquire your home, but also includes debt incurred to build or substantially improve a residence, as long as the debt is secured by the same residence.
Although Limited Partnerships, Limited Liability Companies and General Partnerships formed in the State of Delaware do not file an Annual Report, they are required to pay an annual tax of $250.00 ($300.00 to be made effective July 1, 2014, beginning tax year 2014) .
Delaware Lowers Tax on Leases. Delaware has issued a notice to remind taxpayers of gross receipts tax rate changes that became effective on January 1, 2014. Among the rate changes, the tax rate on leases has been reduced from 2.011% to 1.991%. (Detailed List of Division of Revenue Licenses and Tax Rates, Delaware Division of Revenue, January 14, 2014) Delaware has issued a notice to remind taxpayers of gross receipts tax rate changes that became effective on January 1, 2014.