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what is the maximum principal acquisition indebtedness amount allowed for calculation of income exclusion for a taxpayer filing hoh?

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sandlee09

In special situations, the maximum principal acquisition indebtedness amount allowed can reach 1 million dollars.

The acquisition indebtedness amount refers to debt accrued with the goal of purchasing or upgrading a house or living space. This limit was reduced to 500,000 in early 2018. However, if applied to debt that was taken before 2017, the limit is still 1 million.

Therefore, 1 million is the maximum principal acquisition indebtedness amount allowed for taxpayers filing for hoh.

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