Tag: MO

Mortgage Interest Deduction means:A term often used to refer to deductible interest paid on debt that qualifies as acquisition indebtedness or home-equity debt. Interest on up to $1 million of debt used to buy or build your principal residence or second home can be deducted; in addition, interes…

Mortgage Bond means:a tax-exempt security sold by municipal and state authorities for the purpose of providing low-interest-rate mortgage loans to qualified individuals. For most programs, mortgage borrowers must be first-time homebuyers with moderate income. The Tax Reform Act of 1986 restricts…

Modified Three-factor Formula means:an apportionment formula used in about 15 states; the sales factor is assigned a double weight. See also other Tax Terms and Definitions in U.S.A. three-factor apportionment formula….

Mortgage means:a written instrument that creates a lien upon real estate as security for the payment of a specified debt. Example of Mortgage: Learn more about tax examples, explanations and calculations here. Lowry wants…

Mortgage Subsidy Bond means:an obligation issued by a state or local government before August 16, 1986; 5% or more of the proceeds were used for mortgages on owner-occupied residences. Interest received on these bonds is not tax exempt unless the bond income meets the requirements for a qualifie…