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) .
No big surprises this year. The last day to file taxes in 2017, for the 2016 tax year, is April 18, 2017. This is a few days later than the normal mid-April date since April 15, 2017, falls on a Saturday, and Monday, April 17, is the date of observance for a Washington, D.C., holiday known as Emancipation Day.