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) .
Opening of the 2016 Tax Filing Season. Maryland will begin processing personal income tax returns for Tax Year 2015 on January 19, 2016, the same day the Internal Revenue Service (IRS) begins accepting returns. Note: this date has not been confirmed. If the IRS experiences delays, these delays will postpone our opening date.