Ninth Circuit: Unmarried Cohabitants Each Entitled To Deduct Interest On $1,100,000 Mortgage Limit

Late last week, the Ninth Circuit reversed a 2012 Tax Court case that had damaging implications for wealthy unmarried couples or cohabitants, concluding that the $1,100,000 limitation on mortgage debt for purposes of determining deductible interest expense must be applied on a per-taxpayer, rather than a per-residence basis.