During the Current Year,Cary and Bill Incurred Acquisition Debt on Their

During the current year,Cary and Bill incurred acquisition debt on their residence of $1,300,000 and a home equity loan of $200,000.On a joint tax return,what is the amount of their qualified acquisition debt and qualified home equity debt,respectively?

A) $900,000 and $100,000
B) $1,000,000 and $0
C) $1,000,000 and $100,000
D) $1,300,000 and $200,000
E) None of the above

Correct Answer:

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