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 law allows out-of-state vehicle owners a credit on a sales tax, transfer tax or some similar levy paid to another state on the purchase of a vehicle within 90 days prior to registering the vehicle in Delaware. The vehicle must have been titled/registered in the other state within 90 days prior to registering the vehicle in Delaware. The 90-day rule is strictly enforced. Delaware residents who purchase a vehicle from an out-of-state dealer will not receive credit for any taxes paid. The majority of states exempt out-of-state buyers from their taxes but some states collect taxes on all vehicle sales.