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) .
The seven states without income taxes are Alaska, Florida, Nevada, South Dakota, Texas, Washington, and Wyoming (New Hampshire taxes only dividends and interest). In most of the 43 states with income taxes, your state income tax return is due on April 15, the same date as your federal return.However, as shown in the chart below, Delaware, Hawaii, Iowa, Louisiana, and Virginia have different filing dates for their income tax returns:hese taxes must be paid by the original due date of your state return (April 15 in most states) or youâll have to pay interest and penalties on the amount due.